In the Central African Republic, the use of cryptocurrencies has been legalised and the country has officially adopted bitcoin as a currency alongside the CFA Franc. The announcement was made on Wednesday 27 April by the Central African Presidency. This adoption makes the country a pioneer in this field on the whole continent.
Bitcoins are now accepted as a legal means of payment throughout the Central African Republic. Indeed, on 21 April, the Central African National Assembly unanimously adopted a draft law governing cryptocurrency in the Central African Republic. The bill aims to legalise Bitcoin. So, on Wednesday (five days after the vote), Central African President Faustin Archange Touadéra rushed to promulgate it, making bitcoin “a reference currency” in the Central African Republic. “The Central African Republic is not only the first country in Africa to adopt Bitcoin as a reference currency, but also the first country in the world to unanimously adopt the bill that governs the crypto-currency,” the Central African presidency said.
Furthermore, it should be recalled that on 7 September 2021, El Salvador, through its President Nayib Bukele, adopted bitcoin as legal currency. This adoption did not require the approval of international financial institutions such as the IMF, which immediately warned of a dangerous decision for “financial stability, financial integrity and consumer protection”.
By adopting bitcoin, the Central African Republic is taking a decisive step towards opening up new opportunities. “This move puts the Central African Republic on the map of the most courageous and visionary countries in the world,” says the Presidency of the Central African Republic
So far, only El Salvador and the Central African Republic have adopted bitcoin as legal currency. We are waiting to see which countries will follow suit. In Ukraine, for example, since the invasion of Russia, the government has accepted donations in cryptocurrencies, and as a result has raised over $100 million to deal with the conflict.
