The International Monetary Fund (IMF) is concerned about the Central African Republic’s recent decision to adopt Bitcoin (BTC) as legal tender.
The IMF tells Bloomberg in a new email that the decision “raises major legal, transparency, and economic policy challenges” for the CAR.
“IMF staff are assisting the regional and Central African Republic’s authorities in addressing the concerns posed by the new law.”
CAR President Faustin-Archange Touadera announced the decision to adopt BTC as legal tender in a statement in late April.
“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.”
The IMF also criticized that policy, recommending in January that the Central American nation rescind BTC’s status as an official currency.Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/kitti Suwanekkasit/Chuenmanuse