Central African Republic makes bitcoin legal tender 

News / Rik Wienke

The Central African Republic is making bitcoin legal tender. Following El Salvador, the CAR is the second country in the world to enforce bitcoin being accepted as a payment everywhere. Next to that, the CAR is working on a law that legalises other cryptocurrencies.

Minister of Finance Herve Ndoba explained in an interview that the focus lies in integrating cryptocurrencies in the Central African economy. According to Ndoba, African countries often lag behind in terms of technological developments, but he thinks that by taking this step, his country can become a pioneer.

The legalisation of bitcoin offers an alternative for the national CFA-Franc, which is a remnant from France’s colonial era. Many African countries that still depend on the CFA-Franc want to get rid of the currency.

Although the introduction of bitcoin as legal tender is positive news, the effects will be virtually nonexistent for a large part of the population. Out of it’s six million citizens, only 11.4% of people living in the Central African Republic have access to an internet connection or a smartphone. This means that paying in cryptocurrencies won’t be possible for a large part of the population.

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