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Bitcoin becomes official currency in Central African Republic

by AfroWorldNews

The Central African Republic (CAR) has approved Bitcoin as legal tender – just the second country to do so.

CAR is one of the world’s poorest countries but is rich in diamonds, gold, and uranium.

It has been wracked by conflict for decades and is a close Russian ally, with mercenaries from the Wagner Group helping fight rebel forces.

Lawmakers voted unanimously to adopt Bitcoin as legal tender, said a statement from the CAR presidency.

The move puts CAR “on the map of the world’s boldest and most visionary countries”, it said.

El Salvador became the first country to adopt Bitcoin as an official currency in September 2021 – a move criticized by many economists, including the International Monetary Fund, which said it increased the risk of financial instability.

 

4,421 Central African Republic Stock Photos, Pictures & Royalty-Free Images  - iStock

Others have raised fears that cryptocurrencies such as Bitcoin could make it easier for criminals to launder money, and that they are environmentally damaging because they use so much electricity to generate.

The internet is needed to use any cryptocurrency but in 2019, just 4% of people in CAR had access to the web, according to the WorldData website.

The country currently uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa.

AFRO WORLD NEWS

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