Another country approves Bitcoin Cryptocurrency as official currency

Bitcoin cryptocurrency has just been adopted as the official currency in yet another country in the Central African Republic.

Finally, the Central African Republic has just become the second country that has approved bitcoin as legal tender. Before, only El Salvador had approved this new cryptocurrency.

Therefore, last year, the country El Salvador had already taken this same initiative. It ended up becoming history all over the world, for being the first to accept this kind of cryptocurrency like nice money.

According to some information, CAR legislators also voted. And it unanimously ended up approving the bill to legalize bitcoin and some other cryptocurrencies.

This information was announced in a statement from the presidency.

Broadcaster CNBC also reported that the cryptocurrency will be a legal tender that will walk alongside the CFA franc, which is local to Central Africa.

Chief of Staff Obed Namsio, who works with President Faustin Archange, called this move a very important step towards new opportunities for the country.

Even for being classified as a poor and less developed country, the Central African Republic is very rich. It is rich in gold, diamonds and some other very valuable minerals.

According to information from the World Bank, in 2020 the country had 71% of its 5.4 million inhabitants, living in a situation below poverty.

Another very important piece of information is that only 11% of this population had access to networks and the internet.

With this move to make bitcoin legal tender, the cryptocurrency community praised this move. And they said it was another very important step to generalize all currencies around the world.

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Despite the good parts of the business, there is also the controversial part of the matter.

According to the report by the company CNBC, there were protests in the country El Salvador after the implementation of the bitcoin law. Finally, there were also some criticisms made by the International Monetary Fund, the famous IMF.

IMF staff sent a note and asked the country El Salvador to abandon bitcoin, and not accept it as legal tender. This is all because of the risk to consumer protection and financial stability.

Therefore, we have to remember that the bitcoin cryptocurrency is a highly volatile complex asset. Something that might arouse some suspicion when considered as a standard payment method.

Source: ValueInvest