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Bitcoin becomes official currency in Central African Republic

The Central African Republic (CAR) has become the second country to recognize Bitcoin as legal cash.

CAR is one of the poorest countries in the planet, yet it is wealthy in diamonds, gold, and uranium. It has been devastated by violence for decades and is a staunch Russian ally, with Wagner Group mercenaries assisting in the fight against rebel troops.

According to a statement from the CAR president, lawmakers agreed overwhelmingly to make Bitcoin legal tender. The decision places CAR « on the map of the world’s most daring and imaginative countries, » according to the statement.

In September 2021, El Salvador became the first country to recognize Bitcoin as an official currency.

According to a statement from the RCA’s presidency, legislators voted unanimously in favor of the use of bitcoin as legal tender.

According to the communiqué, this decision places the RCA « on the map of the world’s most audacious and visionary countries. »

In September 2021, El Salvador became the first country to embrace bitcoin as an official currency, a decision that has been criticized by several economists, including the International Monetary Fund.

The RCA, like the majority of other former French colonies in Africa, currently uses the CFA as its currency.

Some see bitcoin adoption as an attempt to steal the CFA, in the context of a power struggle between Russia and France for this resource-rich country.