Central African Republic Becomes the First in Continent to Adopt Bitcoin (BTC)

The Central African Republic becomes the second country after El Salvador to make Bitcoin (BTC) a legal tender in the country.
By Bhushan Akolkar

Despite strong volatility and price correction this year in 2022, Bitcoin (BTC) continues to see increasing global adoption. As per the latest reports, the Central African Republic becomes the second country after El Salvador to make Bitcoin (BTC) a legal tender. Binance CEO Changepeng Zhao also tweeted regarding the same.

This means Bitcoin shall now be accepted as a means of payment thereby making the Central African Republic the first in the continent, to make such a move. As reported by Forbes Monaco, the National Assembly unanimously adopted the bill thereby putting Bitcoin (BTC) at the center of its economic recovery.

Calixte Nganongo, the minister of finance and budget, and Gourna Zacko, the minister of digital economy, post services and telecommunications, jointly submitted the draft law which recognizes Bitcoin as a legal currency as well presents the legal framework for crypto regulation. As reported by Forbes Monaco,

“The application of the legal-tender implies the acceptance of cryptocurrencies as a legal means of payment established through specific legislation. With cryptocurrencies, the Central African Republic is moving towards a new, avant-garde path of development and economic performance, a dynamic field which is popular among investors around the world and ever-present as full-fledged assets in the portfolios of the world’s largest financial players”.

Transforming CAF’s Digital Infrastructure

The recent development will pave the way for transforming the digital infrastructure of the Central African Republic. It will also give a major thrust to the implementation of the blockchain technology innovation essential for the project’s implementation.

The opposition parties in the CAF have also supported the move with the hope that digital assets would benefit the larger population of the country. The parliamentary groups Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) have voted in favor of the law.

Countries that are facing mounting economic pressure are seeing Bitcoin and cryptocurrencies as a means to free them from their economic debts. It seems the snowball effect for Bitcoin adoption has just begun.

Advertisement
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.