The Central African Republic (CAR) has just passed a law that will make Bitcoin a legal tender in the country. It is the second country in the world to do so, following El Salvador last year.
“There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” said Finance Minister Herve Ndoba. “This time, we can actually say that our country is one step ahead.”
After El Salvador started embracing Bitcoin as legal tender, the International Monetary Fund (IMF) urged the Central American country to reconsider its decision due to major risks associated with the digital coin. Several other nations such as Panama and Ukraine have expressed interest in adopting cryptocurrency in the near future.
(Sources: BBC, Bloomberg, Blockworks.)
