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Bitcoin again recognized as legal tender, this time in the Central African Republic

Another country adopts Bitcoin! – On 7 September 2021 the savior and its president Nayib Bukele launched a movement destined to grow: recognize Bitcoin (BTC) as legal tender. Now is the Central African Republic who is undertaking this economic and monetary revolution.

A bill to recognize Bitcoin as a currency in the Central African Republic

Regularly, parts of the world are adopting bitcoinor for example as a means of payment of taxesor even to create one legal tender currencywith the same status as the national fiat currency.

This is the case today with Central African Republic (CAR) which, as its name suggests, is located in the heart of the African continent. Despite the horrors of a civil war alternating latent and acute phases, this country of almost 5 million inhabitants appears to be at the forefront of the adoption of cryptocurrencies.

In fact, as noted in particular by a publication from the Forbes newspaper, April 21, 2022, the Central African National Assembly adopted unanimously a bill to make Bitcoin legal tender.

The Bitcion bill adopted unanimously in the Central African Republic.
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Bitcoin, bringer of hopes for peace and economic recovery

I am the Minister of Digital Economy, Gourna Zackoand the Minister of Finance and Budget, Calixte Nganongo, who initiated and introduced this Bitcoin Bill. Making Bitcoin an official currency in the country is part of the plan “Economic recovery and consolidation of peace” of the Central African Republic.

This bitcoin law will imply that BTC is accepted as a legal means of payment across the nation. Unanimity in this vote in favor was obtained despite initial criticism of the opposition to the project.

Indeed, political opponents have finally voted for this Bitcoin law in order to do so “To support the superior interests of the nation”and to benefit from it “prosperity and stability”. Although the final vote date of the law has not yet been announced, there is a good chance that the Central African Republic is the entire first country of the African continent to adopt the king of cryptocurrencies as a currency.

While Bitcoin adoption can happen in entire countries, more local initiatives multiply also. Thus, in early March 2022, the city of Lugano in Switzerland has announced that it will accept payments via BTCas well as from Stablecoin USDT pegged to the US dollar and issued by Tether.

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