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    Reed Hastings steps down as Netflix CEO

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    Apple unveils new Mac Mini with M2 and M2 Pro for enhanced performance

    High Court orders suspension of bank to MPesa charges

    High Court orders suspension of bank to MPesa charges

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Government announces plan to manufacture smartphones for under KES 5,000 by year-end

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Safaricom’s Fuliza subscribers can now withdraw their limit at MPesa agent shops

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    Microsoft exploring integration of OpenAI’s GPT technology into Office apps

    YouTube to allow creators to monetize Shorts content starting February 1

    YouTube to allow creators to monetize Shorts content starting February 1

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    Safaricom launches 5G Wi-Fi service, starts at KES 3,499

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    Apple unveils 14-inch and 16-inch MacBook Pro with M2 Pro and M2 Max chips

    Complete list of Macs that will run macOS Ventura

    Complete list of Macs that will run macOS Ventura

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

    Apple unleashes new MacBook Pros with powerful chips, more ports and a notch

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    Laptop buying mistakes you should avoid

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    Lenovo X1 Carbon 5th Generation Review: just good enough

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    Samsung’s Galaxy S23 Unpacked event: All you need to know

    Samsung’s Galaxy S23 Unpacked event: All you need to know

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    TECNO launches PHANTOM X2 Series with retractable portrait lens in Kenya

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Samsung’s first 2023 Galaxy A series phone comes with 5G, and it’s cheap

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    Tecno announces Eliud Kipchoge as brand ambassador for PHANTOM X2 Series

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    TECNO Mobile opens pre-orders for Phantom X2 smartphone series in Kenya

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Xiaomi Redmi A1+: Best budget smartphone in 2022?

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    Tecno Camon 19 Pro Mondrian Edition launches in Kenya for KES 35,000

    All you need to know about the new iPhone 14 lineup

    All you need to know about the new iPhone 14 lineup

    Xiaomi 12S Series flagship features a huge 1-inch sensor

    Xiaomi 12S Series flagship features a huge 1-inch sensor

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    How to make and upload YouTube Shorts with ease

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    How to watch YouTube without ads on Android TV

    How to watch YouTube without ads on Android TV

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    Samsung’s Freestyle Projector now available to purchase in Kenya

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    Samsung Galaxy Z Flip 3 does over 418,000 folds in test

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    Jumia marks its 10th anniversary, selling motorcycles for Sh10

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    Twitter announces revenue sharing program for Blue verified creators

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    My six social media predictions for 2023

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    Blue, Gold and Grey: Twitter starts rolling out distinct verification marks

    Twitter is planning to start charging $20 a month for verification

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Home News

Central African Republic adopts Bitcoin as a national currency

Brian Murimi by Brian Murimi
April 29, 2022
in News
Reading Time: 2 mins read
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Central African Republic adopts Bitcoin as a national currency
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The Central African Republic’s president’s office announced Wednesday that bitcoin has been approved as legal currency, making it the world’s second country to do so after El Salvador.

The bill, which made bitcoin legal currency alongside the CFA franc and legalized the usage of cryptocurrencies, was unanimously approved by lawmakers.

President Faustin Archange Touadera signed the bill into law, according to his chief of staff, Obed Namsio.

The CAR “is the first country in Africa to adopt bitcoin as legal tender”, Namsio said.

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“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he declared.

However, the causes for the shift perplexes geopolitical analysts and financial specialists. CAR is a landlocked country with abundant natural resources such as gold and uranium, but it is nevertheless one of the poorest countries on the planet. It has been ravaged by civil war since 2012, and only 11% of the 4.8 million people have internet connectivity. According to legal firm Baker McKenzie, it is one of six African countries that utilize the Central African CFA franc as its currency, which is “a regional currency supported by France and pegged to the Euro.”

Some have speculated that CAR’s embrace of Bitcoin is a ploy to destabilize the CFA franc and send a message to France, the country’s former colonial ruler. “It’s a massive middle finger to the French economic system,” said Chris Maurice, CEO of cryptocurrency exchange Yellow Card.

In September 2021, El Salvador became the first country to adopt Bitcoin as an official currency, a move that was panned by many aeconomists, including the International Monetary Fund, which claimed it raised the danger of financial instability.

Tags: Bitcoin
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Brian Murimi

Brian Murimi

Brian is the founding geek at the Netick. A tech enthusiast skilled in journalism, media relations, multi-platform broadcasting, and social media. Write to him via bryanmurimi@gmail.com

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