Central African Republic Becomes First African Country To Adopt Bitcoin As Legal Tender

According to a statement released by the Presidency of the Central African Republic, the country has officially adopted bitcoin as the official currency of the country, elevating it to the same status as the CFA Franc which is currently the central African nation's official currency.

The decision to adopt bitcoin as an official currency was made unanimously by the country's National Assembly, according to President Touadera, and represents a decisive step towards opening up new opportunities for the country.

With an internet penetration of only 11%, the difficulties that lie on the country's path to having widespread Bitcoin usage are clear and President Touadera did not shy away from that fact. He mentioned that the country is going on a new path that will mark a milestone for the country and that despite the difficulties that lie ahead, it will continue on its mission.

The Central African Republic becomes the first country in Africa to accept Bitcoin as a legal tender in a continent where governments have been very much against the adoption of cryptocurrencies. It is also only the second country in the world to adopt cryptocurrency as a legal tender after El Salvador in September 2021.

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