Central African Republic recognizes bitcoin as a means of payment

The Central African Republic has become the first country in Africa to recognize bitcoin as a legitimate payment currency to help the country’s economic recovery.

The relevant document was signed by the National Assembly of the Central African Republic. The bill was authored by the Minister of Digital Economy, Postal Services, and Telecommunications of the Central African Republic Gurna Zako and the Minister of Finance Calixte Nganongo.

The document establishes the legal framework for regulating cryptocurrencies in the country and defines the use of bitcoin as a means of payment. Officials said that with the adoption of cryptocurrencies, the Central African Republic «embarks on its vanguard path of development and economic growth, which is popular with investors around the world.»

As part of the initiative, officials hope to completely transform the digital infrastructure of the Central African Republic by maximizing the implementation of blockchain in all spheres of life.

Earlier, Ukraine also announced the «acceptance of bitcoin», but our regulatory component of the law on virtual assets still forms the legal possibilities of cryptocurrency in a slightly different way.