On Wednesday, the president’s office announced that the Central African Republic (CAR) has adopted bitcoin as legal tender, becoming the second country to do so behind El Salvador.
President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement. Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies.
The CAR “is the first country in Africa to adopt bitcoin as legal tender,” Namsio said.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.
The landlocked state is one of the planet’s poorest and most troubled nations, with an economy that is heavily dependent on mining.
El Salvador became the world’s first bitcoin adopter on September 7.
Under it, citizens of the Central American country were allowed to use the digital currency — along with the US dollar, the official currency for two decades — to pay for any good or service using a cyber wallet app.
The International Monetary Fund (IMF) heavily criticised the introduction.
It warned of “large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection” and issued bitcoin-backed bonds.”
