El Salvador was the first country that turned Bitcoin into legal tender. Close on heels, it’s now the Central African Republic that has made Bitcoin a legal tender. What this means is that Bitcoin can now be used as a legal means of payment, albeit through established legislation. Read on.
Bitcoin is legal in Africa due to economic recovery
The central African Republic has made Bitcoin legal tender. With this, it has become the second country after El Salvador to make Bitcoin legal. The goal behind making BTC legal tender: economic recovery and peace efforts
The minister of the digital economy, post services, and telecommunications, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo have initiated and submitted a draft law that establishes both the legal framework for crypto-asset regulation as well as Bitcoin as an official currency in the Central African Republic.
The application of the legal tender implies that cryptocurrencies are accepted as a legal means of payment and this concept has been established through specific legislation. With crypto-assets, the Central African Republic is now heading towards an all-new, avant-garde path of development and economic performance.
Set to transform digital infrastructure
This initiative is all set to completely transform the CAF’s digital infrastructure. It shall do so by applying the blockchain technological innovation that is essential for the successful implementation of the project.
Investing in crypto assets is all set to benefit millions of users, something that even the nation’s opposition understands. That’s why the parliamentary group’s Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) that was initially critical of the project voted in favour in order to support the nation’s best interest and to benefit from its prosperity and stability.