The Central African Republic has chosen bitcoin as legal tender in the country, along with the CFA franc. The law was adopted “by proclamation” by the Central African National Assembly this Wednesday (27.04) and promulgated by President Faustín Archangel Toudera.

According to this law, “every economic agent is required to accept cryptocurrencies as a form of payment and have automatic and instantaneous convertibility of cryptocurrencies used in the Central African Republic.”

Ease of payment as per government

Justin Gourna Jaco, Minister of the Digital Economy, highlighted the achievements of the legislation:
“With cryptocurrency, there is no more central bank control. You have your money, you send it to an investor for a business, you receive it in any currency, you can buy it in dollars, euros, CFA francs or Can settle in Naira.”

MP Rachel Nagakola does not agree with this law. According to him “we asked them to surround themselves with all guarantees before adopting such a law. People are in such a hurry, so they will get work quickly and I preferred not to support it.”

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“This law on crypto-currencies, adopted in haste and obscurity (…), is a law contrary to the national sovereignty, independence and interest of Central Africans”, notes in a press release Akandji Kombe standing on behalf of the citizens and Showing solidarity in the Central African Republic.

explain to the population

However, the government should make people aware of the importance of this product. Because the public has a different perception from the government. “In a country whose population does not have access to the network, it is a joke to talk about a digital currency like cryptocurrency,” said this resident.

Another Central African believes that “it is also a way for the country to overcome some of the difficulties related to banking transactions. The country, which has diversified its diplomatic relations today, was able to find other donors.” who will be able to support it financially.”

The government is planning a massive public awareness campaign regarding this law. But economic players fear a rise in money laundering, which is already largely unreported in the country, despite efforts by the National Financial Investigation Agency.