The Central African Republic (CAR) has adopted Bitcoin as legal tender, becoming the first African country in to do so and the second globally, after El Salvador.
Obed Namsio, chief of staff to President Faustin Archange Touadera, in a statement on Wednesday, confirmed that the president had signed a bill into law to make Bitcoin a legal tender alongside the CFA franc.
According to Namsio, lawmakers had unanimously passed the bill, which would make the cryptocurrency legal tender in the country.
Minister of finance and budget, Calixte Nganongo, and minister of digital economy, postal services, and telecommunications, Gourna Zacko, initiated and introduced the legislation establishing the legal framework for cryptocurrency regulation in Central African Republic, as well as Bitcoin as an official currency.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” Namsio said.
Last week, Herve Ndoba, finance minister, told Bloomberg that there’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology.
“This time, we can actually say that our country is one step ahead,” Ndoba reportedly said.
The Central African Republic is a sparsely populated country of 5.4 million inhabitants. It is one of the poorest and most fragile countries despite its natural resources.