What It Means for Bitcoin to be Adopted as Legal Tender in Central African Republic

The dominos are falling. Bitcoin (BTC) is now an official currency in two countries…

The Central African Republic (CAR) lawmakers recently held a unanimous vote approving a bill legalizing bitcoin and other cryptocurrencies for official use.

Through this, bitcoin will be given the status of legal tender alongside the country’s Central African CFA franc.

The CAR’s chief of staff, Obed Namsio, noted that this decision will not only help the country explore new financial opportunities, but also improve its wealth as one of the world’s poorest nations.

Home to approximately 4.8 million people, CAR is a landlocked country right in the middle of Africa bordered by Chad, Sudan, South Sudan, the DR Congo, the Republic of the Congo, and Cameroon.

Figures from 2020 showed that about 71% of its citizens were living below international poverty standards. Meanwhile, only 11% of the CAR has internet coverage. But the country is rich in diamonds, gold, and uranium.

So, with the approval of bitcoin as an official currency, some experts theorize that the country is anticipating the move will increase the number of payments circulating throughout its financial system – potentially improving present conditions. But how it is ultimately used remains to be seen…

Even so, crypto investors praised the announcement, as many analysts view this as another step toward mainstream adoption. Prior to today’s development, El Salvador had also labeled bitcoin as legal tender.

And if these countries’ decisions help further drive momentum, we could see this trend continue. This is particularly true given the benefits of cryptocurrencies.

While the space has been largely volatile in recent months, digital assets like bitcoin offer rapid transaction speeds, low transaction costs, and are easily accessible from any smartphone or computer with an internet connection. 

Meanwhile, they’re also some of the most secure and private assets around, as they exist within a blockchain network. But given all transactions take place on a publicly distributed ledger, they also offer transparency. 

And the fact that they can help diversify investments and protect against inflation is just a bonus to cap it all off.

So these factors, combined with recent news, not only bode well for bitcoin… but will likely benefit other cryptos such as Ethereum (ETH), Solana (SOL), Terra (LUNA), and others…

And with volatile equities, fears of global growth deceleration, and a maturing crypto market, there will likely be more than enough liquidity flowing through the space to send the value of these digital coins significantly higher in the months and years ahead.

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