In a historic move, the Central African Republic has officially recognized Bitcoin as a national currency. This means that the country will now recognize and enable Bitcoin as legal tender for all citizens. Last year, El Salvador made headlines for becoming the first country in the world to do the same thing.
The announcement was made by Minister of Digital Economy Gourna Zacko and Minister of Finance and Budget Calixte Nganongo on January 5th at a press conference in Bangui.
The country’s minister of finance described it as “the dawn of a new era for our economy,” explaining that this move would allow them to “access new markets and remove barriers to trade.” He also said that he was optimistic about the potential “for new ideas and innovations,” citing their ability to make international transactions easier, more transparent, and more secure.
“This is a big step forward for our country”
Minister Gourna Zacko
“This is a big step forward for our country,” added Minister Zacko.
The Central African Republic is the second country in the world to officially recognize Bitcoin as a national currency.
This means that the country will now recognize and enable Bitcoin as legal tender for all citizens. Last year, El Salvador made headlines for becoming the first country in the world to do the same thing.
According to Minister Zacko, this move is a way to support economic inclusion for all citizens. “We want to ensure that every citizen in Central African Republic has access to financial services,” he said in a statement.
The Central African Republic is one of 17 countries currently classified by The World Bank as having an extremely low level of development. But according to Minister Nganongo, this move will change that status. “Our goal is to become a middle-income country by 2025,” he said in a statement.
Central African Republic’s President Faustin Archange Touadera signed a decree on April 4, 2019, that recognizes Bitcoin as an official currency in accordance with Article 5 of the Monetary and Financial Code.
The decision was made after a consultation with a group of experts “who examined the risks and opportunities for the development of this technology,” according to a press release from the Ministry of Finance.
It is not yet clear how exactly this new status will affect citizens’ lives. However, according to local news websites, it will not affect current legislation or any other measures related to monetary policy or financial regulation.
The move comes amid growing interest from governments all over the world in regulating cryptocurrencies and supporting blockchain technology development.
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