The Central African Republic is following El Salvador in making Bitcoin a official currency

The Central African Republic is following El Salvador in making Bitcoin a official currency ...

According to Reuters, a bill regulating bitcoin usage was approved by the parliament last week.

CAR is one of the world''s poorest countries, which has been involved in a civil war since 2012. It currently employs the CFA franc as its currency, as well as six other former French colonies in Africa.

CAR''s use of Bitcoin as an official currency is a significant concern, for example, because only 11 percent of the 4.8 million people have access to the internet, according to The Verge.

Former CAR Prime Minister Martin Ziguele, now an opposition MP, claims the measure signed by President Faustin Archange Touadera was approved "by proclamation."

It''s probable that the move might be linked to CAR''s close connection with Russia, and it was one of the 35 nations that remained a member of the United Nations, who condemned Russia''s invasion of Ukraine, while also causing damage to the CFA and France.

"The context, given the systemic corruption and the threat of international sanctions, encourages suspicion," a French analyst told the AFP news agency.

El Salvador receives a $1 billion #Bitcoin bond from @Blockstream and @bitfinex, a credit rating that was not satisfied. Read more -> https://t.co/9GpN0Gj3Z8

El Salvador was elected official currency last year when it passed its Bitcoin law in June and the cryptocurrency became legal tender in September. Despite the World Bank''s refusal to help with the implementation, the government has faced some criticism from outside the country, including the International Monetary Fund (IMF) who has urged the country to eliminate Bitcoin as an official currency. However, El Salvador is not giving up on crypto or its ambitions to build Bitcoin City.

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