Central African Republic switches to BTC

The Central African Republic has become the latest nation to adopt bitcoin (BTC) as its official currency.

This follows a year or so after El Salvador promulgated the currency as a legal tender and swapped all fiat money for the digital asset. Now, it’s the Central African Republic that has chosen to deal in BTC since Wednesday.

From a consumer standpoint, a switch towards the digital gold is not likely to be quick or easy. The country has serious problems on all levels of government, which include internal political and military strife as well as poor finances.

President Faustin-Archange Touadera’s chief of staff, Obed Namsio, confirmed that the vote passed unanimously. According to Namsio, who spoke to Reuters, the introduction of BTC as the nation’s official currency will “improve the conditions of citizens”.

The adoption of the currency should also be a decisive step toward the opening of fresh opportunities for the Central African Republic, he added. While no one expressed opposition within the government, former prime ministers cautioned against the sudden and abrupt adoption of BTC.

The fiat currency used by the Central African Republic until Friday, the CFA franc, was governed by the Bank of Central African States (BEAC).

Moving forward, there doesn’t seem to be a body that will oversee the country’s monetary policy. In fact, BEAC was not notified about the sudden switch to digital assets and learned at the same time as the official announcement earlier this week.

This only adds to the confusion of consumers who are virtually unfamiliar with the digital currency.

El Salvador adopted BTC as its legal tender but experienced a number of difficulties, despite spending some time preparing. What the Central African Republic’s sudden switch to BTC may bring ordinary consumers is not yet clear.

In the meantime, you may continue to use crypto for recreational activities at 1xBit, FortuneJack or Bitcasino.io.

Source

Updated: 04/29/2022 — 17:00