The Central African Republic (CAR) has become the first African country and the second country in the world after El Salvador, to adopt Bitcoin as a legal tender.
According to multiple reports, the Sub-Saharan country’s National Assembly unanimously adopted a bill to adopt cryptocurrency as a legal means of exchange in the country.
The Minister of Digital Economy, and Telecommunications, Gourna Zacko, and the Minister of Finance and Budget, Calixte Nganongo submitted the draft law which establishes a framework for cryptocurrency regulation and for placing Bitcoin as an official currency in the Central African Republic.
The move expectedly will transform the CAR’s digital infrastructure by applying the blockchain technological innovation necessary for the project’s implementation.
In 2021, El Salvador became the world’s first sovereign nation to adopt bitcoin as legal tender alongside the United States dollar.
I tried to debate with a few people whether the adoption of Bitcoin as legal tender by countries makes it foreign currency in countries that have not here.
It will be very interesting to watch the foreign policy moves if Bitcoin is made legal tender in more and more countries.