African Country Becomes Second Nation To Officially Adopt Bitcoin As Official Currency

Bitcoin has been validated as the Central African Republic’s official currency, according to reports.

CAR is now the second nation to do this, as El Salvador made the cryptocurrency its official legal tender in September 2021.

Lawmakers in the CAR voted without opposition to establish a law legitimizing various cryptocurrencies, according to a statement from the presidency.

"The president supports this bill because it will improve the conditions of Central African citizens," chief of staff to the president Obed Namsio said, as reported by Reuters.

Many believe that the decision could decrease the CAR's reliance on the U.S. dollar, although other experts say it could intensify the country's financial uncertainty due to the highly volatile nature of cryptocurrencies.

The International Monetary Fund has pushed for El Salvador to give up Bitcoin as its official currency, as there were even protests in the country following the decision.