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Benzinga

Business

Akanksha Bakshi

Central African Republic Declares Bitcoin Legal Currency: Bloomberg

Bitcoin Central African Republic CAR Cryptocurrency El Salvador Internet

Bitcoin (CRYPTO: BTC) has been declared as an official currency by The Central African Republic, the second nation in the world to accept the cryptocurrency as legal tender, Bloomberg reports.
"Cryptomoney, including Bitcoin, is now considered an official currency in CAR," Albert Mokpeme, spokesman for President Faustin-Archange Touadera, stated.
"By legalizing the use of Bitcoin, CAR hopes to attract investors," he continued, adding that its use will simplify money transfers, which can be "sometimes complicated in our country."
El Salvador, in September 2021, became the first nation to introduce Bitcoin as legal tender.
According to DataReportal, an online data platform, Internet penetration in the landlocked country is around 11% of the 5 million population.

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