In the turmoil of the crypto market, the Central African Republic has finally announced the acceptance of Bitcoin (BTC) as a legal tender in the country.
This sudden news was also shared by KuCoin CEO, Johnny LYU through a tweet on Twitter this morning:
#Bitcoin is now the legal tender of the Central African Republic! Like we always believe, crypto has huge potential in Africa! @KuCoinAfrica #Adoption #BUIDL
- Johnny_KuCoin (@lyu_johnny) April 25, 2022
Similarly, the founder of the crypto exchange platform, Binance, Changpeng Zhao (CZ):
The Central African Republic adopts #bitcoin.
- CZ 🔶 Binance (@cz_binance) April 24, 2022
For the record, the Central African Republic is the first African country to do so, and the second country after El Salvador since September 2021.
Minister of telecommunications and digital economy, Gourna Zacko; and finance minister Calixte Nganongo is responsible for the implementation of the initiative, including drafting the bitcoin bill.
It is understood the acceptance of bitcoin as the official currency, in addition to the franc (CFA) is to ensure that economic recovery plans and national peace building can be implemented successfully, again after the civil war that erupted over the past decade.
Observations found per capita income was only nearly $ 400, one of the lowest records in the world. Even gross domestic product (GDP) is very low at around 3%.
Worse, the Euro -leaning CFA is increasingly depreciating due to inflation.
Through the adoption of bitcoin in the economy of the Central African Republic, the country has undergone a major change in its digital infrastructure by applying blockchain technology innovations.
The potential of cryptocurrencies and the technologies that support them is already clearly gaining the attention of most countries.
No wonder Madeira (Portugal) and Próspera (Honduras) are also seen as interested in following in El Salvador’s footsteps.
