Bitcoin will be considered legal tender alongside the regional Central African CFA franc.
Lawmakers in the CAR’s parliament voted unanimously to pass a bill legalizing bitcoin and other cryptocurrencies, according to a statement from the presidency.
The Central African Republic(CAR) is rich in diamonds, gold and other valuable minerals, but ranks as one of the world’s poorest and least-developed countries.
“The big question is who the cryptocurrency ruling is for,” David Gerard, an independent author who has followed crypto closely over the years, told CNBC.
“Internet coverage in the CAR is 11%. Perhaps the government has been told that this will bootstrap payments in the country, but it’s not clear how.”