The Central African Republic has adopted bitcoin as legal tender, becoming the second country in the world to make the move after El Salvador.
The president’s office disclosed on Wednesday that lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law.
The CAR “is the first country in Africa to adopt bitcoin as legal tender,” his chief of staff Obed Namsio said in a statement.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.
El Salvador became the world’s first bitcoin adopter on September 7, 2022.
The International Monetary Fund (IMF) criticized the move, warning about the “large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection” and with issuing bitcoin-backed bonds.