Skip to main content

The Parliament of Central African Republic has Passed a Bill Adopting Bitcoin as a Legal Tender.



 BANGUI, April 27 (Reuters) - Central African Republic has adopted bitcoin as an official currency, the presidency said on Wednesday, becoming the first country in Africa and only the second in the world to do so.


Despite rich reserves of gold and diamonds, Central African Republic is one of the world's poorest and least-developed countries and has been gripped by rebel violence for years.


A bill governing the use of cryptocurrency was adopted unanimously by parliament last week, said a statement signed by Obed Namsio, chief of staff of President Faustin-Archange Touadera.

"The president supports this bill because it will improve the conditions of Central African citizens," Namsio told Reuters, without elaborating.


In the statement, he called it "a decisive step toward opening up new opportunities for our country".


Central African Republic is one of six nations that use the Central African CFA franc, a regional currency governed by the Bank of Central African States (BEAC).



Two of the country's former prime ministers last week signed a letter expressing concern about the adoption of bitcoin without guidance from the BEAC, calling it a "serious offence".


"The BEAC learned at the same time as the public of the enactment of a new law on cryptocurrency in Central African Republic," a BEAC spokesman told Reuters, adding that the bank did not have an official response yet.


El Salvador became the first country in the world to adopt bitcoin as legal tender last year, but the rollout was hampered by scepticism and it postponed a proposed bitcoin bond in March amid global market turmoil. read more



African governments have taken a varied approach to regulating cryptocurrencies and blockchain technology.


Nigeria's central bank barred local banks from working with cryptocurrencies last year before launching its own digital currency, the eNaira.


South African regulators have been exploring the potential regulation of cryptocurrencies and other blockchain technology, and Tanzania's central bank said last year it was working on a presidential directive to prepare for cryptocurrencies.

Comments

Popular posts from this blog

How to Host a Website for Free From Your PC or Laptop.

Why pay for a web hosting service when your old computer can do the same thing? Learn how to self-host your site. If you're planning to launch a website but don't want to pay recurring monthly or annual hosting fees, you can use any old laptop or desktop PC to host a website for free. It's a great way to utilize your old system instead of throwing it away. In this guide, we will install and set up services on our 10-year-old laptop to host a WordPress, Joomla, or custom HTML or PHP-based website with a free SSL certificate. MAKEUSEOF VIDEO OF THE DAY Things You Will Need to Host a Website Following are the pre-requisites to host a website for free from home with just your computer: An old laptop or PC running Ubuntu Server. A registered domain name for your website Ethernet cable to connect the laptop or PC to router for reliable and fast connection Step 1: Update and Upgrade the Packages After  installing Ubuntu Server on your computer , execute the following c...

We Bring You Brief Series of Sanctions Against Uganda Government Officials.

📸: Gen Abel Kandiho. On 9-December-2021, USA slapped sanctions against the then CMI Commander Gen Abel Kandiho. 📸: Gen Kale Kayihura. On 9-December-2022, UK slapped sanctions against former Police Boss Gen Kale Kayihura. 📸: Commissioner General of Prisons, Johnson Byabashaija. Again on this 4-December-2023, the same USA has slapped sanctions against Uganda Prisons Commander Johnson Byabashaija over alleged torture and human rights abuses in Prisons across Uganda. We ask, has USA and UK made December as an LCM to slap sanctions against high ranking government officials in Uganda even when the sanctions just remain on paper without deeper investigations to ascertain logical conclusions or remedy to that effect ?. #iip_updates  #Information_is_Power  #we_inform_the_uninformed

UGANDA ELECTORAL COMMISSION TO ELIMINATE NATIONAL IDENTIFICATION CARDS (IDs) FOR 2021 GENERAL ELECTIONS.

The elimination of using National IDs (Ndagamuntu) for the 2021 elections should not have come as a surprise. One would be very NAIVE to think that Bobi Wine has not prepared for this in his Business Plan under the RISK section. It is public knowledge that our EC is not independent.  It is also public knowledge that Military Dictator Yoweri Museveni will never lose an election. What stunned us this morning is when we noticed that on social media, people were mocking Bobi with his "get your Ndagamuntu".  We are on record for saying to all Our readers that the National ID is like Apartheid in South Africa. Students of History would know how those IDs were being used to arrest people, deny them jobs, deny them basic services. Consequently, Bobi was not wrong and will never be wrong on the Ndagamuntu. Except the ones attacking him and mocking him forget that in Uganda, now, no National ID (Ndagamuntu), no service.  If you have not been denied registering your child i...