The Central African Republic is reportedly adopting bitcoin as legal tender, alongside the CFA franc.
Apart from legalizing bitcoin as a recognized form of money, the landlocked African nation says it is also moving forward with broad-based crypto adoption plans.as only the second in the world to do so. Like El Salvador, CAR doesn't issue its own currency. It uses the France-backed CFA franc just as El Salvador uses the US dollar.
The central African nation ranks among the least developed economies in the world with agriculture the largest contributor to its GDP. According to World Bank, CAR’s GDP stood at only $2.38 billion as of 2020 and the country ranks near the bottom of the United Nation’s Human Development Index. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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