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Central African Republic Adopts Bitcoin as Legal Tender
A statement from the president's office on Wednesday confirms the passage and signing of the necessary legislation.
Updated May 11, 2023, 4:20 p.m. Published Apr 27, 2022, 11:59 a.m.
Confirming rumors that had been around for a few days, the Central African Republic has become the second nation in the world to adopt bitcoin as legal tender.
- According to a statement from President Faustin Archange Touadera's office, the National Assembly passed, and he signed, a bill drafted by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo.
- The legislation established a legal and regulatory framework for cryptocurrencies, and made bitcoin legal tender alongside the existing CFA franc.
- “There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Finance Minister Herve Ndoba said last week, as quoted in Bloomberg. “This time, we can actually say that our country is one step ahead.”
- The Central African Republic has a population of 4.83 million, around 11% of which have access to the internet. Less than a year ago, El Salvador became the first country to adopt bitcoin as legal tender.
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