BANGUI (Reuters – The Central African Republic adopted Bitcoin as its official currency on Wednesday. This was the first African country and the only one in the entire world to adopt bitcoin.

Although the country has large gold- and diamond-rich reserves, Central African Republic is among the poorest countries in the world. It has also been ravaged by violence over years.

According to Obed Namsio (chief of staff for President Faustin Archange Touadera), a bill that regulates cryptocurrency use was unanimously approved by parliament last Wednesday.

Namsio said that the president supported this bill, “because it will improve Central African citizens’ conditions,” Reuters reported without further explanation.

The statement was described by him as “a decisive move toward opening up opportunities for our nation”.

Central African Republic, one of six African nations using the Central African CFA Frankc (a regional currency that is managed by the Bank of Central African States) is one of them.

Two former prime ministers signed last week a letter to express concern at the adoption bitcoin without BEAC guidance.

According to Reuters, a BEAC spokesperson said that “The BEAC was informed at the same moment as the public about the enactment a new law regarding cryptocurrency in Central African Republic.” He also added that there had not been an official response from the bank.

El Salvador became first to use bitcoin legal tender in 2013. However, it was hindered by scepticism. It also delayed a proposal for a bitcoin bond during global market turmoil.

African governments take a variety of approaches to regulate cryptocurrencies and Blockchain technology.

Nigeria’s central banking barred banks in Nigeria from accepting cryptocurrencies, before launching its own digital currency called the eNaira.

South African regulators were looking at the possibility of regulation for cryptocurrency and blockchain technology. Tanzania’s central banking said that it had been working last year on a presidential directive.