The Central African Republic’s (CAR) government has purportedly enacted legislation recognizing bitcoin as an official payment option within the country’s boundaries. If successful, the proposal will make the country the first in Africa to do so and the second in the world after El Salvador.
Bitcoin to Aid the Recovery of the Central African Republic’s Economy:
According to a recent Forbes report, the National Assembly, the lower house of the Central African Republic’s Parliament, has passed a measure allowing bitcoin to be used as legal cash on the country’s land. The draught law was proposed by Gourna Zacko, Minister of Digital Economy, and Calixte Nganongo, Minister of Finance. They also built a regulatory framework for the bitcoin business in the United States.
CAR’s economy has been struggling for years, and bitcoin may be one of the final rays of light. El Salvador observed a significant increase in the number of visiting visitors and a big number of investments after adopting BTC. As a result, it’s reasonable to predict that CAR will see comparable benefits.
Whether bitcoin can help the financial system advance on a macroeconomic level is still up for debate. However, given that the Central African Republic is one of the world’s poorest and least developed countries, it makes logical that it would be prepared to give it a try.
Over 60% of the population lives in poverty, many of them suffering from chronic malnutrition. Furthermore, the terrible conditions have sparked a civil conflict that has claimed thousands of lives and cut the country off from the developed world.
In addition, the country wants to use blockchain technology in various industries. Mouvement Coeurs Unis (MCU) and Mouvement National des Indépendants (MOUNI), two of the CAR’s most powerful political groups, voted in favour of the country’s crypto agenda.
Madeira and Prospera are now members of the club:
Madeira and Prospera are two islands off the coast of Portugal. Getting Involved
Madeira, a Portuguese autonomous community, and Prospera, a Honduran entity, have shown interest in adopting bitcoin as legal cash. Miguel Albuquerque, the former’s President, believed that BTC was the way of the future.
“Our government will keep working to make Madeira a terrific environment for bitcoin,” he continued.
Prospera’s President, Joel Bomgar, stated that the local authorities will “allow other municipalities in Honduras and other firms or political subdivisions outside of the United States to issue bitcoin bonds from within the Prospera jurisdiction.”
El Salvador’s President, Nayib Bukele, predicted that at least two additional countries would accept Bitcoin as an official form of payment by 2022.
