• Home
  • Cryptocurrency
  • Mining
  • Blockchain
  • NFT
  • Metaverse

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

10 Reasons Why Bitcoin Is a Reasonable Long Term Investment

30.03.2023
What is DeFi staking

What is DeFi staking and how to profit from it right now?

04.11.2022
The biggest off-change Bitcoin whale keeps buying BTC

Some lessons you should’ve learned at the current crypto sell-off

02.11.2022
Twitter Reddit
cryptolife.report
SUBSCRIBE
  • Home
  • Cryptocurrency
  • Mining
  • Blockchain
  • NFT
  • Metaverse
cryptolife.report
Home » The Central African Republic adopts Bitcoin as legal tender. Who will be next?
Cryptocurrency

The Central African Republic adopts Bitcoin as legal tender. Who will be next?

Max RokatanskyBy Max Rokatansky25.04.2022
The Central African Republic adopts Bitcoin
The Central African Republic adopts Bitcoin

The Central African Republic has adopted a bill to make Bitcoin and other crypto legal tender in the country, Forbes Monaco reports.

The Central African Parliament approved the bill on April 21, 2022.

This makes The Central African Republic the second country in the world to legalize Bitcoin. Last year El Salvador was the first to accept Bitcoin.

The main difference between these two countries is that El Salvador had no own fiat currency prior to Bitcoin legalization, using UD Dollar instead, while The Central African Republic has one.

Why did this small African country adopt Bitcoin?

According to the reports, the authorities of The Central African Republic consider this decision to be a prominent part of the country’s plan for development and economic recovery. The country envisions better development and economic performance with the adoption of cryptocurrencies.

The bill was prepared and pushed by ministers of telecommunications and finance. They both claim crypto is essential for developing digital economy.

Cryptocurrencies are to become legal tender and legal modes of payment in the country as the bill proposes the proper rules and regulations. And blockchain technologies will appear in various sectors of the Central African Republic’s economy.

The Central African Republic is a small country in the center of the African continent. Its populations is about 4,8 million people speaking mostly French and Sango.

Who else is adopting Bitcoin as legal tender?

The process of crypto legalization remains sluggish. There is a number of countries currently discussing such a possibility, but we still have to wait for the adoption of relevant laws.

El Salvador was the first country to claim Bitcoin not only a legal tender, but in fact the national currency.

We also received pleasant news from Madeira, Portuguese autonomous region, and one special economic zone in Honduras. Bitcoin and other cryptocurrencies are now a legal tender in both areas.

Сonflicting news come from Ukraine. And the word ‘conflicting’ is here not because of the ongoing war with Russia.

In march Ukrainian government passed the bill to legalize crypto. But by the end of April the purchases of Bitcoin and other cryptocurrencies in Ukraine with national fiat money were prohibited. Ukrainians can buy crypto only for US Dollars, with a ridiculous limit of $3,400 a month. It’s worth mentioning that a previous law kind of prohibits Ukrainians to buy foreign fiat currency also. According to the authorities, all of that is only to prevent the capital outflow from the country during the war.

Families of those who went abroad with their children to avoid Russian bombs and missiles would disagree.

So whether Ukraine is about to be the next country to adopt Bitcoin as legal tender remains to be seen.

Source: Forbes

Bitcoin Legalization xx
Share. Facebook Twitter Telegram Reddit Email
Previous ArticleEnter the world’s first crypto-backed payment card. No, it isn’t for Bitcoin
Next Article Bored Ape metaverse is called Otherside. Are you not entertained?
Max Rokatansky
  • Website
  • Twitter

Staff writer at cryptolife.report. Max has been covering the tech industry for many years. He believes that crypto is the only thing that can save modern civilization from a slow decline. Decentralized finance is just the beginning. We are at dawn of the stunning new world of decentralized media and direct democracy. No proxies! Be the change you wish to see in the world.


Related

10 Reasons Why Bitcoin Is a Reasonable Long Term Investment

30.03.2023
The biggest off-change Bitcoin whale keeps buying BTC

Some lessons you should’ve learned at the current crypto sell-off

02.11.2022
What could kill Bitcoin

What could kill Bitcoin?

21.06.2022
Add A Comment

Comments are closed.

Highlights
Bitcoin is going as low as $8,000 Cryptocurrency

Bitcoin could go as low as $8,000 pretty soon. There is a reason for that

14.06.2022

Bitcoin is really low now, but it seems to have support at $23K. Analysts warn…

NFT to help Ukraine gain money

AI created the biggest NFT collection to support Ukraine

08.06.2022
Bitcoin vs gold

Bitcoin vs gold. Five reasons why you should prefer crypto during recession

06.06.2022
Wall Street can actually kill crypto market

Wall Street is killing crypto market and there is nothing you can do

27.05.2022
Follow us
  • Facebook
  • Twitter
  • Telegram
  • Reddit
Twitter Reddit
  • Home
  • Cryptocurrency
  • Mining
  • Blockchain
  • NFT
  • Metaverse

  • About Us
  • Get In Touch
  • T&C
  • Privacy Policy
  • California Notice
сryptolife.report is a media outlet about digital assets and decentralized finance. Our team gathered to build a strong community of crypto enthusiasts who are willing to change the future of the world economy. And the new decision as a decentralized digital economy is already here to come.

© 2023 cryptolife.report

DMCA.com Protection Status

Type above and press Enter to search. Press Esc to cancel.