After El Salvador…Central African Republic Prepares to Accept Bitcoin as Legal Currency
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Answer After El Salvador…Central African Republic Prepares to Accept Bitcoin as Legal Currency
The outlook towards Bitcoin is changing little by little on the part of countries, especially those that suffer from financial and economic problems.
Recently, the Central African Republic government was reported to have passed a law to adopt Bitcoin as the official payment method within the country’s borders.
If the initiative succeeds, it will turn the country into the first African country to implement such a step and the second in the world after El Salvador, which has already adopted it.
Central African Republic uses Bitcoin to achieve economic recovery:
Report indicatesForbesThe latter indicates that the National Assembly – the lower house of the Central African Republic’s parliament – has signed a bill to accept bitcoin as legal tender at the local level.
Read:Crypto adoption in Africa is largely driven by retail and P2P activities
The bill was proposed by Digital Economy Minister Gorna Zaku and Finance Minister Calixte Nganongo.
They also created a regulatory framework for the cryptocurrency industry.
The Central African Republic’s economy has been struggling for years, and Bitcoin can be considered one of the last hopes and proposals.
After the adoption of Bitcoin in El Salvador, the nation witnessed a huge rise in the number of visiting tourists and a large number of investments.
As such, it would be safe to assume that the Central African Republic may also feel similar positive effects.
As for Bitcoin and the possibility that financial progress will benefit the macroeconomic level of the Central African Republic, this will remain a controversial question.
But it is logical that the Central African Republic would be willing to take this opportunity or let’s call it an adventure to try to fix what can be fixed by virtue of what it is suffering from and being among the poorest and least developed countries in the world.
Currently more than 60% of its population lives in poverty, and many of them suffer from chronic malnutrition.
In addition, harsh conditions triggered a civil war that claimed thousands of lives and isolated the country from more developed nations.
Read:A new start-up aims to help banks track illegal crypto funds
In addition, the Central African Republic aims to include Bitcoin technology in many sectors of its economy.
Two of the leading political parties in the Central African Republic have voted to support the country’s cryptocurrency agenda.
Madeira and Prospera Join the Bitcoin Club:
Portugal’s autonomous region “Madeira” and the Honduran island of Prospera have revealed intentions to adopt bitcoin as a legal currency.
Former Madeira president Miguel Albuquerque has argued that Bitcoin represents the future.
Read:The Third Biggest Ethereum Whale Spent $14 Million On These 3 Coins… Get to Know It
He added:
Our government will continue to work to create a great Bitcoin environment in Madeira.
Prospera president Joel Baumgar confirmed that local authorities will enable other Honduran municipalities, corporations or political subdivisions outside the US to float bitcoin bonds from within Prospera.
Earlier this year, the president of El Salvador predicted that at least two countries would adopt the primary cryptocurrency as an official means of payment in 2022.
It looks like it will happen.
Read also:
New York is moving to ban cryptocurrency mining, and Parliament will take its decision today
Mexico’s central bank announces the launch date of its CBDC digital currency
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