Central African Republic becomes the first African nation to make Bitcoin legal tender

The Central African Republic, a landlocked nation located roughly in the center of the African continent, has become the first African country to declare Bitcoin legal tender. The Ministry of Finance and Budget and the Ministry of Digital Economy, Posts and Telecommunications have submitted a joint document that recognizes Bitcoin as an acceptable currency in the Central African Republic. Additionally, the document details the legal framework for crypto adoption in the country. Support has also arrived in the form of opposition parties in the country who believe the country can benefit from digital assets.

The National Assembly believes that the new Bitcoin law will contribute to the economic recovery of the Central African Republic. According to a report by RFI, the French international public radio, the decision to make Bitcoin legal tender in the Central African Republic came from the National Assembly, which passed the bill unanimously.

Minister of Finance and Budget Calixte Nganongo, and Minister of Digital Economy Gourna Zacko initiated and presented Bitcoin legislation. The ministers submitted to the legislation governing the regulation of Bitcoin and crypto in the Central African Republic.

The new law would allow merchants and businesses to make crypto payments and make room for the payment of taxes in crypto through authorized entities.

The new crypto law has also made provisions for offenders who break the laws. According to a separate report by CoinTribune, violators could be jailed for up to 20 years and fined 100,000,000 to 1,000,000,000 Central African CFA francs (about Rs. 1.25 crore to 12.5 crore).

In September 2021, El Salvador became the first country in the world to announce Bitcoin as legal tender. Salvadoran President Nayib Bukele said in November that the country planned to develop a “Bitcoin city”. According to the pro-Bitcoin chairman, sales of Bitcoin bonds with a coupon rate of 6.5% in the first five years will fund the development of Bitcoin City.

As Bitcoin adoption continues to grow, a Prospera Special Economic Zone has also recognized BTC as an acceptable currency. Following this announcement, municipalities in Honduras are now allowed to issue bonds in BTC to attract foreign investment.


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