HomeBitcoinBitcoin as Legal Tender in Africa

Bitcoin as Legal Tender in Africa

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In Africa, cryptocurrencies, according to reports, are on the verge of becoming legally binding payment instruments.

In the not-too-distant future, the five million people who live in the Central African Republic will apparently be able to use Bitcoin as legal cash. This is in addition to the country’s franc, according to reports from the country.

Agence France-Presse reported on Wednesday that President Faustin-Archange Touadéra had signed legislation establishing a regulatory framework. Additionally, making Bitcoin (BTC) legal tender in the country, according to the news agency. President Obama’s Chief of Staff, Obed Namso, praised the new strategy, calling it bold and visionary.

When Rwanda’s Central Bank first announced its plans to legalize cryptocurrencies, it didn’t include making Bitcoin legal tender. However, legislators from all over the country appear to have unanimously approved the crypto law. This is according to the country’s Minister of Digital Economy, Posts, and Telecommunications, Justin Gourna Zacko.

Bitcoin Law Implementation

As per the report, the Central African Republic would be one of the first nations to recognize Bitcoin as legal tender. The full implementation of the Bitcoin Law will possibly take place in September 2021. As a result, this makes the digital asset, along with the US dollar, legal money in El Salvador. A new municipality in Latin America will issue bitcoin bonds worth $1 billion to support the building of Bitcoin City.

Moreover, the Central African Republic has a GDP of $2.4 billion, according to the Heritage Foundation’s 2022 Index of Economic Freedom. It is yet unclear how the adoption of Bitcoin would affect the people who live in the country in question.

“The opinions voiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations not necessarily endorses Your Crypto Banker or its subsidiaries.”

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