The parliament of the Central African Republic (CAR) has just passed a law approving Bitcoin as a means of payment alongside the local franc, Yahoo News has reported.
The law has been signed by the country’s president Faustin-Archange Touadéra.
Obed Namsio, head of the presidential administration, has said:
"The CAR is the first country in Africa to adopt Bitcoin as legal tender. This move places the Central African Republic on the map of the world's boldest and most visionary countries."
The Central African Republic is one of the poorest countries on the continent and in the world. In terms of GDP per capita, the country ranks third from the bottom at $1,040, according to World Bank data for 2020.
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On the UN Human Development Index, the Central African Republic is second from the bottom on the continent and 188th out of 193 in the world.