Central African Republic is now the second nation to adopt. bitcoinAs official currency, following El Salvador took the same step last year.

A statement by the presidency stated that lawmakers from the CAR’s parliament unanimously passed a bill legalizing Bitcoin and other cryptos.

Along with the CFA Central African franc, Bitcoin will also be legal tender.

According to Obed Namsio (chief of staff to President Faustin Archange Touadera), the move was “a decisive and important step towards opening up new possibilities for our country.” Reuters.

CAR is rich with diamonds, gold, and other valuable minerals. However, the country ranks amongst the least developed and poorest in the world.

According to the World Bank, 71% of CAR’s 5.4million inhabitants lived below the poverty line by 2020. Just 11% of CAR’s inhabitants have access to the Internet.

This country is located in central Africa and has suffered from political instability for many years.

Bitcoin legal tender was widely praised by the crypto community and has been hailed as a step towards mainstream adoption.

It can be seen as controversial. After the introduction of the Bitcoin Law in El Salvador, protests erupted and were criticized by the International Monetary Fund.

El Salvador has been urged by IMF to cease using Bitcoin as legal tender. This raises concerns about the financial stability of consumers and protects them from potential threats.

Bitcoin is notoriously volatile and raises concerns about the standard of payment. Last Thursday’s trading price was $39,686. That is down by 6% over the past 24 hours. Around 42% has been lost in cryptocurrency since November, when it reached an all-time high above $68,000.

Many Western governments raised concerns about Russia using cryptocurrencies to bypass sanctions in the wake of the Ukraine invasion.

CAR stands for Computer Aided Research. close ally of RussiaRussian mercenaries have been based in the area. provided direct assistanceThe UN says the government must comply.

Experts believe the CAR could benefit from the U.S. dollar’s reduction in dependence for international trade.

Ransu Salovaara is the CEO of cryptocurrency platform Likvidi. He noted that since 1950, the dollar has been the world’s oil currency.

Due to the Ukraine and other countries, oil dependence is now a significant issue. SWIFT banking banHe added that bitcoin is a global and inexhaustible cryptocurrency, making it a real star.”