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Central African Republic approves Bitcoin as Official Currency

The Central African Republic (CAR) has approved Bitcoin as legal tender, they are the second country to do so after El Salvador.

CAR is one of the world’s poorest countries but is rich in diamonds, gold, and uranium.

It has been wracked by conflict for decades and is a close Russian ally, with mercenaries from the Wagner Group helping fight rebel forces.

Lawmakers voted unanimously to adopt Bitcoin as legal tender, said a statement from the CAR presidency.

The move puts CAR “on the map of the world’s boldest and most visionary countries”, it said.

El Salvador became the first country to adopt Bitcoin as an official currency in September 2021 – a move criticized by many economists, including the IMF, which said it increased the risk of financial instability.

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