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.
The Central African Republic adopts #bitcoin.
— CZ 🔶 Binance (@cz_binance) April 24, 2022
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.
Trending Stories
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.
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
