Central African Republic Approves Bitcoin as Legal Tender

The Central African Republic (CAR) has approved Bitcoin as legal tender - just the second country to do so. 

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CAR is one of the world's poorest countries, but is rich in diamonds, gold and uranium. Lawmakers voted unanimously to adopt Bitcoin as legal tender, said a statement from the CAR presidency.

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

Others have raised fears that cryptocurrencies such as Bitcoin could make it easier for criminals to launder money, and that they are environmentally damaging because they use so much electricity to generate.

Unlike CAR, some countries are with an iron fist against cryptocurrencies, including China, Russia, South Korea, Turkey and Nigeria, etc. In addition, the Swiss National Bank is against buying and holding bitcoin as a reserve currency, Chairman Thomas Jordan said at the central bank's annual general meeting on last Friday.

Some other countries, conversely, are more crypto-friendly, including the U.S, Australia, some European countries such as the UK, yet they still regulate the market.

Source: BBC