The Central African Republic (CAR) became the second country in the world — and the first in Africa — to adopt Bitcoin as legal tender on Wednesday.
See related article: What does El Salvador’s new Bitcoin law mean for crypto markets?
Fast facts
- President Faustin-Archange Touadera on Wednesday approved the bill regulating cryptocurrencies, which passed parliament last week with a unanimous vote.
- Bitcoin will become the country’s legal tender along with the Central African CFA franc, which is used by five other nations.
- CAR has been wracked by conflict since gaining independence from France in 1960.
- Just 4% of the CAR population had internet access in 2019, according to World Data.
- Limited internet access could restrict widespread Bitcoin use in commercial payments and financial services.
- El Salvador adopted Bitcoin as legal tender in September 2021 despite pushback from the International Monetary Fund, an organization that has been urging for the Central American nation to withdraw its Bitcoin rollout.
See related article: El Salvador’s Bitcoin adoption, one week on