Central African Republic adopts bitcoin as official currency
Chief of staff of Central African Republic Obed Namiso said bitcoin “will improve the conditions of Central African citizens“.
He also said the move “places CAR on the map of the world’s boldest and most visionary countries”
El Salvador was the first country to recognize bitcoin as a legal tender: Read more (Video) El Salvador first country to accept bitcoin as legal tender
CAR has become the second country in the world to accept bitcoin as legal tender. It has also become the first African country to officially adopt the digital currency.
President of Central African Republic Faustin Archange Touadera who signed the bill into law said “mathematics is the language of the universe and bitcoin is the universal money”. Finance Minister of CAR also said the country is on the right and he believes that “This time, CAR is one step ahead”
President of Tanzania, Rais Samia months ago advised that Bank of Tanzania do more research on cryptocurrencies. Read more: (Video) President Rais Samia Suluhu Hassan has advised Bank of Tanzania to learn more about #cryptocurrency #bitcoin
Lawmakers of Central African Republic unanimously passed a bill that makes bitcoin a legal tender aside CFA Franc.
But the country’s biggest opposition figure said the adoption of bitcoin is a move to undermine the French currency CFA Franc which has been used in the country for many years before and after colonialism.
Some also say its a big agenda by the ruling government to gradually cease walking in the shadows of their colonial master, France.
But is that really the case?. Will other African countries follow the steps of Central African Republic?. Well this is a different topic we should discuss.
“The law is not a priority for the country. This move raises the question, who benefits from it?. This law is a way of getting of the CFA Franc through a means that guts the common currency” Martin Ziguele, leader of the opposition said.
A specialist at the French Institute of International Relations (IFRI) think thank, Thierry Vircoulon raised the connections between CAR and Russia. To him “the context given systemic corruption and a Russian partner facing international sanctions does encourage suspicion. Russia’s search for ways to get around international sanctions is an invitation to be cautious” he said.
The adoption of bitcoin as a legal tender allows the use of cryptocurrencies which will not be liable to tax.