Central African Republic Adopts Bitcoin As Official Currency

The Central African Republic parliament is ready to start using Bitcoin as an official payment currency. A draft regulation is already formulated by the Minister of Digital Economy, Post services and Telecommunications, Gour Zacko, and the Minister of Finance and Budget, Calixte Nganongo. This is seen as a technical and legal leap, as per Commercial Code, and the Penal Code.

Plans on using apps like Telegram and Messenger for transforming payments using stablecoins. If that happens, it will be an excellent move towards advanced technologies. Cryptocurrencies are also identified as the best field and quite popular among investors. Mouvement Coeyrs Unis (MCU), and Mouvement National des Indépendants (MOUNI) favored in favor of this method.

The reasons for choosing cryptocurrencies are as follows:

• They can be used to set financial transaction payments     
• Also, they need regulatory frameworks and the rate by which countries are adopting cryptocurrencies.