Bitcoin is declared a legal currency in Central African Republic

The second nation in the world to accept the cryptocurrency as legal tender.
Image: Bloomberg

The Central African Republic declared Bitcoin an official currency, the second nation in the world to accept the cryptocurrency as legal tender.

“Cryptomoney including Bitcoin is now considered an official currency in CAR,” Albert Mokpeme, spokesman for President Faustin-Archange Touadera, said Thursday by phone from the capital, Bangui. “By legalising the use of Bitcoin, CAR hopes to attract investors,” he said, adding that its use would ease money transfers that can “sometimes be complicated in our country.”

The country is following the lead of El Salvador, which in September became the first nation to introduce Bitcoin as legal tender.

The Central African Republic, which has gold and diamond reserves, is one of the world’s poorest countries. Years of violent conflict and a political crisis that gripped the country in the lead up to the presidential election in December 2020 have had a severe impact on the economy and damaged relations with its international partners, leading to delays in the distribution of vital aid and some partners suspending budget support.

Internet penetration in the landlocked nation is about 11% of the 5 million population, according to DataReportal, an online data portal.

© 2022 Bloomberg

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