Lawmakers in the Central African Republic (CAR) have voted to pass a bill legalizing bitcoin and other cryptocurrencies as legal tender alongside the country’s national currency.This was contained in a statement released by the presidency in the central African nation.
Speaking on the development, Obed Namsio, Chief of Staff to President Faustin-Archange Touadera, expressed that the move is “a decisive step toward opening up new opportunities for our country”
The Central African Republic becomes the second country in the world to adopt bitcoin as its official currency, after El Salvador which took the same step last year.
Although, the CAR is rich in diamond, gold and other valuable minerals, it is ranked as one of the world’s poorest and least-developed countries.
According to a World Bank 2020 Report, roughly 71% of CAR’s 5.4 million inhabitants live below the international poverty line.
The country, which is landlocked in the heart of Africa, has been gripped by political instability and violence for years.