Central African Republic designates Bitcoin as "reference currency"

almost 2 years ago

The Central African Republic's legislature passed a law regulating cryptocurrency use and access in the country and defining Bitcoin (BTC) as a reference currency. What will or will not be tied to BTC remains to be seen but it is clear that it has been established in the country as an integral part of the financial system.

What is interesting is that CAR (Central African Republic) clearly joins at least one more underdeveloped country (Afghanistan) is actively adapting crypto, formally or informally. In CAR's case this is a clear attempt to move to the next level in finance technology bypassing - and giving up on - developing successful traditional finance system and economy which may be the most reasonable step for one of the world's poorest countries. Let us hope this is just a stepping stone to a qualitative jump in economic activity and prosperity for the CAR.