First African Country Is a Step Closer to Adopting Bitcoin

The Central African Republic (CAR) passed a bill that formally adopts Bitcoin as legal tender. This means that cryptocurrencies may be recognized as means of payment. Many countries see cryptocurrencies as financial assets and are taxed in accordance.

Justin Gourna Zacko and Calixte Nganongo submitted the draft for the legal framework and regulations. Additionally, the bill includes adopting Bitcoin as the official currency of the country.

Blockchain technology will be gradually implemented into the many sectors of the country's economy. 60% of the CAR citizens are estimated to be living in poverty, the country is among the least developed countries in Africa. CAR believes Bitcoin is the way forward.

Minister Justin Gourna Zacko and Latin Countries

Minister Justin Gourna Zacko said: "As an individual, sending money to the Central African Republic elsewhere becomes very difficult and also receiving payments becomes difficult because it is controlled, it goes through the Central Bank and, there are many things.

"With cryptocurrency, there is no longer any control of the Central Bank. You have your money, you send to an investor for a company, you receive it in any currency, you can then swap it to Dollar, Euro, CFA or Naira."

"There are so many advantages in cryptocurrencies of which I can not mention everything here, but we would have to have the legal frameworks first to allow any Central African to also benefit from this possibility of money transfers and to receiving money."

There are speculations that Panama may be next in line for adopting Bitcoin. A bill has been prepared for Bitcoin adoption but has yet to pass in the Government.

In Paraguay, Carlitos Rejala proposed a crypto bill to recognize Bitcoin as legal tender. He announced that he will be running for Presidency in 2023 and if elected, Bitcoin will be the official currency of Paraguay.