Bitcoin As a legal tender in Central African Republic

The Central African Republic (CAR) has adopted Bitcoin as Legal Tender and become second country after EL Salvador where Bitcoin is fiat money. And as expected, CAR is facing opposition from Bank of Central African States (BEAC), just like El Salvador faced from IMF.

This development was happened on 22nd to 29th April 2022, as a landlocked poor country, it was supposed that CAR will fall under pressure and annul Bitcoin as currency, however CAR President Faustin Archange Touadéra showed his boldness just like Nayib Bukele.

The CAR will have to face more challenges, because Nayib Bukele was testing BTC in his constituency for years before making it legal tender; yet President Touadéra is ready to use natural resource to develop mining and take advantage of growing cryptocurrency market in other African countries.

Some people suggest that it is a bad decision made by CAR because the country is still underdeveloped and lacks many basic needs. In my opinion, the central African Republic ( CAR) is one of the poorest countries in the world, but is rich in diamonds, gold, and uranium. It may not be beneficial for them at the current time, but if the market of bitcoin continues to grow it will benefit them in the upcoming days.