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Thu, Mar

Central African Republic Legalizes Bitcoin Usage

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The Central African Republic (CAR) has legalized the use of cryptocurrencies in the financial markets after being approved by the country's lawmakers. Four (4) days after the cryptocurrency bill was introduced by the Minister of Digital Economy, Post and Telecommunications, Justin Gourna Zacko, parliament unanimously approved it amidst protest from the opposition.

According to Zacko's bill, the crypto law aims to establish a favourable environment for the inclusive growth of the crypto sector in the country. He added that crypto would help tackle the growing difficulties in sending money from the African nation.

The new law would allow traders and businesses to make crypto payments and also make way for tax payments in crypto through authorized entities. Although, the new law also made provisions for offenders who break them.

CAR has become the second official country to legalize trading and transaction with crypto after El Salvador.

 

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