Central African Republic Adopts Bitcoin as Legal Tender

[TomPluz]

The Central African Republic has adopted Bitcoin as legal tender, becoming the second country in the world to do so after El Salvador. The law was passed unanimously, making the republic the first country in Africa to adopt cryptocurrencies as legal tender.

On Wednesday, the presidential administration announced that the Central African Republic has accepted Bitcoin as legal tender. Legislators unanimously passed a bill that made Bitcoin legal tender alongside the CFA franc and legalized the use of cryptocurrencies, reports France24. The new bill states that cryptocurrency exchanges are not liable to tax.

The new law was signed by President Faustin Archange Touadera, said his chief of staff, Obed Namsio. The CAR became the first country in Africa to accept Bitcoin as legal tender.

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This is big news in the adoption of Bitcoin in line with the much-appreciated move by El Salvador last year as the first country to recognize Bitcoin as a legal tender. This is time around it is the Central African Republic, a land-locked country with around 4 million population.

I am expecting for another one or two small countries to be joining the Bitcoin bandwagon either in 2022 or at least in the early quarters of 2023. What is sure is that Bitcoin is now so unstoppable...there are now many big developments being cooked that can push Bitcoin to the top.

[trendcoin]

That's great news. After El Salvador, a second country has legally accepted cryptocurrencies. I consider the news as developments that pave the way for mass adoption. I hope that the political stability in the Central African Republic continues and the positive attitude towards cryptocurrencies does not change.

[Freemind]

This is just the beginning. All countries (large or small) know that the inflation suffered by the United States will sooner or later explode against the rest of the countries of the world, and we will suffer a recession that can last for years. That is why some countries with little economic capacity, like El Salvador for example, have taken a step forward to adopt Bitcoin, paving the way for other countries that, as we see, are doing the same. But as I said this is just the beginning, soon more countries will do the same.