The Central African Republic (CAR) has approved Bitcoin as legal tender. It is the second country in the world to do so. CAR is one of the poorest countries in the world, but it is rich in diamonds, gold and uranium. It has been wracked by conflict for decades and is a close ally of Russia, with Wagner Group mercenaries helping fight rebel forces. Lawmakers unanimously voted to adopt Bitcoin as legal tender.
The move places RCA “on the map of the world’s most daring and visionary countries,” a statement said.. El Salvador became the first country to adopt Bitcoin as its official currency in September 2021, a move criticized by many economists, including the International Monetary Fund, which claimed it increased the risk of financial instability.
Others have expressed fear that cryptocurrencies like Bitcoin can make it easier for criminals to launder money and are harmful to the environment because they use a lot of electricity to generate. Internet is needed to use any cryptocurrency, but in 2019, only 4% of people in CAR had access to the web, according to the WorldData website.