Has the Central African Republic adopted bitcoin as its official currency? The situation is now completely unclear.
Does the Central African Republic (CAR) want to enter bitcoin like El Salvador did some time ago? The answer to this question is rather… complex. Indeed, there is currently confusion over whether Bitcoin should be accepted as legal tender in the country.
Has the Central African Republic adopted bitcoin as its official currency?
Recently, a press release circulated on social media claiming that the new law establishes BTC as the new official currency of the CAR. At the same time, Finance Minister Hervé Ndoba said in an interview with Bloomberg that the Central African Republic is currently only working on creating a legal framework that will regulate the use of cryptocurrencies.
And while many hope this will allow the use of digital assets in the local economy, Hervé Ndoba noted that the legislation is not intended to help the country follow in the footsteps of El Salvador. In this case, BTC will not receive the same status as the Central African franc, which is used in six countries on the continent.
The situation is now completely unclear.
The Central African Republic is one of the poorest countries in the world, with only 11% of its population having access to the Internet. In an interview with Bloomberg, Hervé Ndoba said: “We often hear that sub-Saharan Africa is lagging behind in the adoption of new technologies. This time we can say that our country is one step ahead.”
Creating a legal framework for cryptocurrencies and accepting BTC as an official currency are two completely different things. The press release, which is being circulated on Twitter among others, says, in part: “The adoption of Bitcoin as the official currency represents an important step towards opening up new opportunities for our country.” We can also read there that the Central African Republic is the first country in Africa to adopt Bitcoin in this way, and add: “We are opening a new path that will mark a new stage for our country, while remaining fully aware of the difficulties we will have to face. to fulfill our mission.”
CoinMarketCap reached out to the CAR government to clarify the situation. According to the local press, this law was unanimously passed by Parliament on 21 April.