The Central African Republic (CAR) has approved bitcoin as a means of payment along with its local franc. According to AFP, the relevant law was passed by Parliament and signed by President Faustin-Archange Touadéra.

The document also includes the introduction of cryptocurrencies.

“CAR was the first country to take this step that will make Africa one of the most courageous and forward-thinking countries in the world”– said Obed Namsio, head of the presidential administration.

The Central African Republic is one of the poorest countries on the black continent and in the world as a whole. In terms of GDP per capita in PPP, the country ranks third below the ranking at $1,040 (World Bank data for 2020). Worse still, only Somalia and Burundi.

The Central African Republic is also a foreigner in the UN Human Development Index – second from the bottom on the continent and 188 out of 193 in the world.

Recall that a recent study showed a low Bitcoin adoption rate in El Salvador.

Earlier, the decision of El Salvador officials was repeatedly criticized by the International Monetary Fund. In January, the agency recommended that the first cryptocurrency be removed from legal tender status.

In April 2022, authorities in the Próspera economic region in Honduras recognized bitcoin as a legal tender.