The Central African Republic has passed a law that legalizes cryptocurrencies and makes Bitcoin a legal tender alongside the CFA franc.
The legislation was passed by the country’s President Faustin Archange Touadera in what is perceived to be a new phase of the country’s economic recovery.
CAR government announced the decision on its official Facebook page calling the move historic and part of the plan toward inclusive growth and improved economic performance.
The African nation, which now joins El Salvador in adding BTC as legal currency, says that it plans to adopt the other aspects of the vast cryptocurrency space.
The Central African Republic is one of the most underdeveloped countries in Africa. The nation does not have its currency and uses the French-backed CFA franc instead.
Source: The Block