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Central African Republic Reportedly Moves to Adopt Bitcoin as Official Currency

BANGUI, April 22, 2022 (RJDH) – Parliament, meeting in plenary session on Thursday, April 21, 2022, unanimously adopted by acclamation the draft law governing crypto-currency in the Central African Republic. This project allows the government to reportedly create a favorable environment for the financial sector in the country.

According to a local publication, RJDH-CENTRAFRIQUE, the Central African Republic parliament has approved the usage of cryptocurrencies, paving the way for bitcoin as a form of payment in that country.

The passage reportedly followed a draft law establishing a legal framework for cryptocurrency regulation and Bitcoin as an official currency in the Central African Republic.

The draft law is said to have been initiated by:

  • The Minister of Digital Economy, Post services and Telecommunications, Gourna Zacko
  • The Minister of Finance and Budget, Calixte Nganongo

According to the report, country sees this as an opportunity to take a technological leap and the passed law is part of the national legal corpus, the Commercial Code, the Penal Code and other specific texts. Thus, the Central African Republic will benefit from a new leap in technological innovation through the development of fiber optics.

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SEE ALSO: 3 Francophone African Countries Planning to Enable Crypto Payments via Telegram ($TON)

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Speaking about this move, Gouma Zacko, Minister of Digital Economy, said:

“Investing in cryptocurrencies has many benefits for millions of users. Cryptocurrencies also have a high volatility that should not be lost sight of because it is an important investment. The decentralization of digital currencies relies on the (theoretical) inviolability of transactions stored through the Blockchain (technology used).”

– Minister, Digital Economy and Telecommunications, Central African Republic

The Central African Republic, which has been looking to use Telegram Messenger to transform payments and financial inclusion using stablecoins, will, if the report proves true, officially move towards a new, avant-garde path of development and economic performance, according to reporting by Forbes Monaco.

Cryptocurrencies are also pointed out as a dynamic field which is popular among investors around the world and ever-present as full-fledged assets in the portfolios of the world’s largest financial players.

Furthermore, reports indicate that despite initial opposition from 2 parliamentary groups, the parliamentary groups – Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) – eventually voted in favor of the government proposal agreeing to the thesis that it would boost the financial situation of millions in the country.

Some of the reasons that convinced these 2 groups, and 12 other groups that were initially opposed, include:

  • The ability of cryptocurrencies to speed up financial transactions
  • The role of the state in adopting cryptocurrencies
  • The establishment of a regulatory framework to safeguard cryptocurrencies use

Following the passage, Central African Republic will reportedly begin applying the blockchain technological innovation necessary for the project’s implementation.

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RECOMMENDED READING: LEGAL OUTLOOK: Will Bitcoin Become the New Reserve Asset?

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