Central African Republic Adopts Bitcoin as Legal Tender
Adoption Marks Growing Acceptance of Cryptocurrency
CAR Joins El Salvador in Accepting Bitcoin as Official Currency
The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as legal tender, following El Salvador's move in September 2021. The decision was announced by President Faustin-Archange Touadéra in a televised address on Thursday, April 27, 2022.
The adoption of Bitcoin as legal tender in CAR is a significant development, as it marks the first time that a country in Africa has taken such a bold step. It also comes amid growing interest in cryptocurrency across the continent, with Nigeria, Kenya, and South Africa being some of the leading adopters.
The move by CAR is expected to have a positive impact on the country's economy, as it is expected to attract foreign investment and remittances from the global crypto community. It is also likely to boost financial inclusion, as it allows people who do not have access to traditional banking services to participate in the global financial system.
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