In the Central African Republic, bitcoin became the first currency used for payments. The National Assembly passed a law to help move the national economic recovery plan forward.
CAR opens up to Bitcoin
Gourna Zacko, the country’s Minister of Digital Economy, Postal Services, and Telecommunications, and Calixte Nganongo, the country’s Minister of Finance and Budget, initiated and submitted a bill establishing both a legal framework for regulating bitcoin and recognizing bitcoin as the country’s official currency.
A Forbes article indicates that the Central African Republic is on a new path of development and economic performance, and that it’s popular with investors worldwide. The article also explains that bitcoin is in full-fledged asset status in the wallets of the world’s largest financial players.
Using blockchain-based technological innovations, this initiative will completely transform the country’s digital infrastructure.
Cryptocurrencies benefit the entire nation, as the opposition [in the country] has understood. Although initially critical of the project, the two major parliamentarian groups were voted to support the best interests of the nation.
In 2021, a similar step was taken in El Salvador. President Nayib Bukele initiated the process of recognizing Bitcoin as a valid payment method in the country, which was ultimately voted by the Salvadoran parliament. It is noteworthy that this decision, however, was met with criticism from the opposition. The idea failed to appeal to the left. The IMF considered Bukele’s vision to be very risky for the economy.