Central African Republic’s National Assembly today passed the Draft Law Governing Cryptocurrency by acclamation and unanimity, making it the first country in the world to do so.
Bitcoin is Now Available in Central Africa
Finance and budget minister Calixte Nganongo, as well as the minister of digital economy, postal services and telecoms Gourna Zacko, brought the law into parliament.
In the future, a framework for cryptocurrency regulation and the recognition of Bitcoin as a legal tender will happen.
Two factors led to the legislation’s approval. A basic legal framework is essential to regulate cryptocurrencies and their companies (such as exchanges and lending platforms).
Second, the law would provide a favorable environment for the financial sector. One that is suited to the demands of the industry’s professionals as well as those of all other economic actors.
The Central Bank has no influence over crypto, according to Gourna Zacko, who commented on the bill’s introduction. You can chose how to spend a loan in any of these four currencies: Dollar, Euro, CFA, or Naira
This decision reflects El Salvador’s impact on the world and the crypto world. This is the outcome of accepting Bitcoin as legal tender and introducing supportive legislation.
Crypto Accepted by Other Governments
A number of state leaders have already altered their power structures in anticipation of the Biden administration’s eventual decision to grant cryptocurrency legal status.
In recent news, Colorado Governor Jared Polis said that the state would start accepting bitcoin tax payments by mid-summer.
Moreover, Sydney Kamlager, a California State Senator, proposed accepting cryptocurrencies as payment for public goods and services.
Even while the market continues to decline, the increasing use of cryptocurrencies will surely aid in the recovery.
