An African country has become the second nation on Earth to accept Bitcoin (BTC) and other crypto assets as legal currency.
Following in the footsteps of Latin American nation El Salvador, the Central African Republic (CAR) has announced it has become the first African nation in the world to legally support cryptocurrencies.
In a recent statement released by the nation, CAR President Faustin-Archange Touadera says that the African state plans to be trailblazer in terms of creating a regulatory framework for crypto assets such as Bitcoin en route to building a prosperous economy.
“The President of the Republic [and] Head of State will support all necessary efforts, in compliance with the law, in order to complete this process which places the Central African Republic on the map of the most courageous and visionary countries in the world [that have accepted] cryptocurrency as means of payment.
The Central African Republic is not only the first country in Africa to adopt Bitcoin as its benchmark currency but also the first country in the world to unanimously adopt the bill that governs cryptocurrency.
We are setting out on a new path that will mark a new stage for our country while being aware of the difficulties that we will have to face to pursue our mission…
We are thinking first and foremost about how the lives of our fellow citizens will change and about the means needed to create a stable and prosperous economy.”
El Salvador became the first nation to adopt crypto assets as legal tender last year. Other countries, such as Ukraine and Mexico, have similar bills in the works though neither has yet to pass their respective legislative processes.
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