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Central African Republic Adopts Bitcoin as Legal Tender Becoming Second Nation State to do so

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CAR Bitcoin as Legal Tender

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The Central African Republic has become the second nation-state to adopt Bitcoin as legal tender after El Salvador did so a year ago.

  • Central African Republic lawmakers voted unanimously to legalize Bitcoin.
  • Bitcoin will be accepted as legal tender alongside the Central African CFA franc.
  • The Central African Republic is the world’s second country to make Bitcoin legal tender. Last year, El Salvador did so.

“A decisive step toward opening up new opportunities for our country,” – Obed Namsio

Reuters cites President Faustin-Archange Touadera’s Chief of staff, Obed Namsio, who called the move, “A decisive step toward opening up new opportunities for our country.”

Background on the CAR

The landlocked country in central Africa has been plagued by political unrest and bloodshed for years.

The Central African Republic, which boasts gold and diamond deposits, is one of the world’s poorest, despite its wealth in natural resources.

Years of violent conflict and a political crisis in the run-up to presidential elections in December 2020, have had a devastating impact on the country’s economy.

The conflict also damaged relations abroad, resulting in delays distributing aid and the suspension of budget support from international partners.

The World Bank estimates that over 71% of the Central African Republic’s 5.4 million people were poor in 2020.

Bitcoin is Hope for a Brighter Future in the Central African Republic

“The president supports this bill because it will improve the conditions of Central African citizens,” Namsio said.

Remembering That One Night in El Salvador, the Night Bitcoin Became Legal Tender

The Twitter Spaces live vote of El Salvador’s Bitcoin Legal Tender law is a historical moment in Bitcoin.

The vote and analysis went out live from the government floor in El Salvador with host Nic Carter and others.

Bitcoiners and plebs discuss the law openly, transparently, and comically while celebrating its passage with El Salvador’s President, Nayib Bukele.

If you weren’t there for it live, you can hear what that night was like below.

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