Central African Republic

The Central African Republic is introducing extensive crypto regulation. Among other things, companies as well as private individuals are to be able to accept payments in Bitcoin and Co.

Update: There is currently uncertainty as to whether the Central African Republic has actually declared Bitcoin legal tender. The article has been adjusted accordingly to reflect ongoing developments.

The National Assembly of the Central African Republic has unanimously passed a bill for the creation of a regulatory framework for cryptocurrencies. This is intended to enable companies and private investors to make payments in Bitcoin and Co. It should also be possible to pay taxes via cryptocurrencies.

Confusion currently reigns over a possible introduction of Bitcoins as legal tender.
The push came from the Minister of Digital Economy, Post and Telecommunications, Gourna Zacko, as well as from Finance Minister of the African nation state, Calixte Nganongo.

The bill aims to help the civil war-torn country restore peace, consolidate financially as well as enable strong growth.
In addition, the republic aims to expand its fiber optic network.

Due in part to poor financial infrastructure, the African continent has high crypto adoption within its population. Among other things, Bitcoin and Co. currency fluctuations can be circumvented. You can find an in-depth analysis here.

In the crypto space, the news triggers euphoria. Binance CEO Changpeng Zhao congratulated the country on Twitter. Meanwhile, traditional financial organizations like the IMF are likely to look to Central Africa with concern.

Picture by Pixabay

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