The Central African Republic (CAR) has approved Bitcoin as a means of payment along with the native CFA franc. The law passed the legislature and was signed by President Faustin-Archange Touadera.

Earlier, Gourna Zacko, Minister of Digital Economy, Postal Services and Telecommunications, and Calixte Nganongo, Minister of Finance and Budget, initiated and presented a bill that provides a legal basis for regulating both the cryptocurrency and Bitcoin as the official currency.

“CAR was the first country to take this step that will put Africa among the most courageous and forward-thinking countries in the world.” – Declared chairman of the administration of President Obid Namsio.

OAC is also one of the poorest countries in the African continent and the world as a whole. In terms of GDP per capita, the country ranks third from the bottom of the ranking with the figure of 1040 dollars. USA (2020 World Bank data). Only Somalia and Burundi are under CAR.

According to the plan of the African country’s lawmakers, this venture using blockchain technological innovations is completely transforming the digital infrastructure of the state. As even the CAR opposition admits, investing in cryptocurrencies benefits millions of users. Opposition groups Mouvement CœUrs Unis (MCU) and Mouvement National des Indépendants (MOUNI), which were initially critical of the project, voted in favor of the national interest “to benefit from prosperity and stability”.