The financial mechanism for the circulation of cryptocurrencies in the country will be approved by the Central Bank of the Central African Republic in the near future.
Bitcoin became the official means of payment in the Central African Republic after President Faustin-Archange Touadéra signed the relevant law into law. This was stated by the head of the presidential administration of the CAR Obed Namsimo, writes France 24 with reference to AFP.
“This move places the Central African Republic among the most courageous and forward-thinking countries in the world,” Namsio said.
He recalled that the Central African Republic adopted bitcoin as the second base currency in the world, second only to El Salvador, where the same decision was made in September 2021. Thus, the Central African Republic became the first country in Africa and in general in the Old World (a concept that unites Europe, Asia and Africa) to legalize bitcoin as a means of payment.
Last week, the CAR parliament passed a law allowing the use of cryptocurrency as a means of payment. He was supported by the government of the country. According to Justin Gourne-Zaco, Minister of the Digital Economy, Posts and Telecommunications of the Central African Republic, bitcoin will allow the Central African Republic to overcome the existing barriers to obtaining funding. According to him, neighboring Cameroon, the Democratic Republic of the Congo (DRC) and the Republic of the Congo (RK) are on the way to legalizing the cryptocurrency.
The mechanism for the circulation of cryptocurrencies in the CAR will be approved in the near future by the Central Bank of the CAR. At the same time, the former Prime Minister of the country, and now an opposition MP, Martin Siegele, announced plans to challenge the law in the Constitutional Court.
The law regulates all transactions related to cryptocurrencies in the Central African Republic. Also, crypto exchanges in the country are not taxed.