The parliament already approved the reform and Touadéra ratified it. According to his chief of staff, Obed Namsio, the Central African Republic is “the first African country to adopt bitcoin as a reference currency”.
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The Central African Republic is known as one of the poorest countries in the world. About 62% of the population lives below the poverty line. The gross national income per inhabitant is less than 700 euros.
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In September, El Salvador became the first country in the world to introduce bitcoin as legal tender. A month later, the International Monetary Fund (IMF) said the Central American country had done better. The high price volatility means that the use of bitcoin presents a “significant risk to consumer protection, financial integrity and financial stability,” the organization said at the time.
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