The Central African nation created a policy that regulates the use of digital assets. According to Forbes, it would make Bitcoin legal tender, but other reports have a different version.
Forbes highlighted over the weekend that the Central African Republic, a country of 4.8 million people located in Central Africa, has become the first country in Africa to accept Bitcoin as a payment method. The text says that the National Assembly unanimously took the policy to boost the country’s strategies for economic recovery and peacebuilding.
However, although it has confirmed the legislation that establishes regulations in the market, the country has not yet given credibility to the news spread by this and other media that Bitcoin became legal tender in the Central African region.
The Forbes Version of the News
The media expressed that the Minister of Digital Economy, Post Office and Telecommunications, Gourna Zacko, and Calixte Nganongo, started and presented the policy that sets up the legal framework for the regulation of digital assets and Bitcoin as legal currency in the Central African Republic.
The application of legal tender relies on accepting digital assets as a legal method of payment applied through specific legislation. With digital assets, the Central African Republic would give new steps toward a new path of development and economic development, a dynamic field famous among investors worldwide and always presents as total assets in the portfolios of the most prominent financial players.
The outlet also highlighted that the initiative would improve the country’s digital infrastructure by applying the Blockchain technological improvements required to carry out the project.
Even the opposition understood that investing in digital assets benefits millions of users. The Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) parliamentary groups voted to back up the nation’s best interest and enjoy the prosperity and stability brought to the region.
Many global industry figures shared the Forbes scoop, such as Binance CEO Changpeng Zhao.
Other Versions of the News
After the Forbes publication, other media researched more about the policy. They highlighted that it is not the same as the case of El Salvador, a nation that explicitly accepted Bitcoin as legal tender.
According to Cointelegraph research, the African country has not accepted BTC as legal tender, instead reportedly legalizing the use of digital currencies in economic environments, including its market.
The report highlights that the digital assets law intends to set up a favorable environment for the inclusive growth of the crypto sector in the area and would assist in solving the problem of the increasing struggles in sending funds from the African nation.
The new law would reportedly allow businesses to carry out crypto payments and enable the payment of crypto taxes through authorized entities.
The new crypto law has also made provisions for violators who break the rules imposed by the state. According to one report, offenders could face jail for up to 20 years and a fine of 100 million and 1 billion Financial Community of Africa (FCFA) francs.
By: Jenson Nuñez
