The central African Republic passes law to use Bitcoin payment: Report
Reportedly the Central African Republic passed a law for crypto use in payment purposes more likely to El Salvador.
After the entry of El Salvador in the Bitcoin adoption race as a legal currency, many other countries showed huge interest in the crypto & blockchain industry to bring modernization to the payment system. However, still, big economy-based countries are lagging in this race but still, small countries are showing huge interest in this industry.
Recently RFI published a report on crypto adoption by the Central African Republic (CAR). According to the report, lawmakers approved the crypto bill with majority support despite huge protests from the opposition. Initially this crypto bill was proposed by Justin Gourna Zacko, the Minister of Digital Economy.
After fully getting into law, this bill allows citizens to pay taxes in cryptocurrencies, and also it will allow businesses to use crypto assets-based methods to make payments. Thus it will be a kind of regulatory approval to the crypto payment systems but there be exceptions “cryptocurrencies will not be treated as legal tender” like El Salvador’s Bitcoin law Act.
Cointelegraph collected some information regarding this crypto bill from Gloire, the founder of Kiveclair, a Bitcoin Beach-inspired refugee project in the Congo. Gloire said that the crypto bill will give full freedom to the citizens to access this financial system with efficiency.
“The real implication for people is that they can now have access to currencies other than the FCFA (this is the local currency) while being protected by law, and transfer money at a lower cost. Above all, they can carry out financial transactions without banks (while being protected by law).”
At present, El Salvador is the only independent country where Bitcoin is only a legal tender besides the US dollar. People use the digital Bitcoin wallet Chivo to facilitate payments in Bitcoin. At the beginning of this year, El Salvador president Nayib Bukele predicted that the world will get two more countries, but it seems that the crypto industry hardly will see any country like El Salvador.
Read also: Kraken secured a crypto license in Abu Dhabi
