The Central African Republic is the second country to recognise Bitcoin (BTC) as legal cash.
According to Forbes Monaco, the bill to make cryptocurrencies a national currency was unanimously supported by the National Assembly as part of efforts to boost the country’s economy and security.
Binance CEO Changpeng Zhao verified the news, implying that businesses in the country can now take the flagship digital currency as payment.
CZ tweeted the following:
Calixte Nganongo, Minister of Finance and Budget, and Gourna Zacko, Minister of Digital Economy, Post Services, and Telecommunications, are the bill’s sponsors. It not only recognises Bitcoin as legal tender, but it also establishes a regulatory framework for cryptocurrency in the country, a first on the African continent.
Legislative challenges for Bill
After initial opposition from some members of parliament, the law was unanimously supported by the legislature.
Parliamentary organisations Mouvement National des Indépendants (MOUNI) and Mouvement Coeurs Unis (MCU), according to the administration, eventually realised that adopting Bitcoin was in the country’s best interests.
With a population of around 5 million people, the Central African country is one of the poorest in the world. The situation in the country is nearly analogous to that in El Salvador, where inhabitants rely on remittances from overseas.
Read more: El Salvador’s bitcoin experiment fails miserably: Study
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