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Central African Republic becomes the first African country to legalize Bitcoin

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HIGHLIGHTS :

  • The proposal to give legal status to bitcoin was presented by the National Assembly
  • The new law will allow traders to make crypto payments
  • Violators of this law can be jailed for up to 20 years

The proposal to give legal status to bitcoin was presented by the National Assembly

The Central African Republic, located in the middle of the continent of Africa, has become the first African country to legalize bitcoin. The Central African Republic’s Ministry of Finance and Budget and the Ministry of Digital Economy, Postal Services and Telecommunications have submitted a joint document that recognizes bitcoin as an acceptable currency. In addition, the document provides information on the legal framework for increasing the use of crypto. This decision has also been supported by opposition parties who believe that the country can benefit from digital assets.

New law will allow traders to make crypto payments

The National Assembly has said that the new bitcoin law will help in the economic recovery of the Central African Republic. State radio broadcaster RFI has reported that a proposal to legalize bitcoin was presented by the National Assembly, which unanimously passed the bill. The new law will allow traders to make crypto payments and make tax payments in crypto through authorized entities.

As CoinTribune reports, violators of the new crypto law can face up to 20 years in prison and a hefty fine. In September last year, El Salvador became the first country to legalize bitcoin. El Salvador President Nayib Bukele has said that his country is planning to develop a bitcoin city. He had told me that the sale of bitcoin bonds with an interest rate of 6.5 percent will provide funds for the development of this city.

Violators of this law can be jailed for up to 20 years

Recently, Bukele has expressed displeasure over the US asking for information about his country’s financial situation. “The US government is not in favor of freedom,” he said. El Salvador granted legal status to Bitcoin last year. The US Senate wants to understand and reduce the risk to their country’s economy from this. The “Accountability for Cryptocurrencies in El Salvador (ACES) Act” has been passed in the US. El Salvador uses the US dollar as its currency. El Salvador’s legalization of bitcoin could have some impact on the US economy that the Senate is trying to understand.

The proposal to give legal status to bitcoin was introduced by the National Assembly, which unanimously passed the bill. The new law will allow traders to make crypto payments and make tax payments in crypto through authorized entities

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