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The Central African Republic Has Formally Embraced Bitcoin As Legal Tender

According to the president’s office, the Central African Republic (CAR) has formally embraced Bitcoin as legal tender, making it the world’s second nation to do so after El Salvador.

According to a tweet by AFP on April 27, President Faustin Archange Touadera signed a measure into law that makes Bitcoin legal tender alongside the CFA franc and legalises the use of cryptocurrencies, according to his chief of staff, Obed Namsio.

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On April 25 that the Central African Republic had passed a bill regulating cryptocurrencies, but that the country had yet to embrace Bitcoin. Citizens of the Central American country could use the digital money, as well as the US dollar, which has been the country’s official currency for more than two decades, to pay for any item or service using the ‘Chivo’ wallet app.

The adoption was met with fierce criticism from the International Monetary Fund (IMF).