April 28, 2022

Bitcoin Becomes Official Currency of Central African Republic

The Central African Republic (CAR) has become the first African country to put legislation in place that will see cryptocurrencies used as an official currency.

Last week, CAR’s Parliament unanimously passed a bill that made it legal to use the digital currency – alongside the Central African CFA franc, which is also used by five other nations: Cameroon, Chad, Republic of Congo, Gabon and Equatorial Guinea.

Per a released statement from Chief of Staff, Obed Namsio, on Wednesday, 27 April, President Faustin Archange Touadera signed the provision into law.

“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,“ Namsio claimed.

Despite the shift, there are fears that the change will make it easier for criminals to engage in money laundering, and tax evasion as part of the legislation stated that “cryptocurrency exchanges are not liable to tax”.

CAR is now the second nation in the world to make cryptocurrencies legal tender, after El Salvador in central America.