The Central African Republic has been suffering for years due to conflict that destroyed its economy and is now one of the world’s poorest countries. CAR’s National Assembly passed a bill to accept bitcoin as an official currency within its borders as a last resort to boost economic recovery. Its Ministry of Finance & Digital Economy set up a regulatory framework to facilitate cryptocurrencies.
Citizens can use bitcoin in all financial operations to make local purchases, pay taxes, and more. CAR is the second in the world, the first being El Salvador. CAR will use bitcoin to advance the country’s domestic cryptocurrency industry. It plans to use the new payment method to encourage more tourist visits and boost investments.
The country’s goal is to involve blockchain technology in several economic sectors. CAR is on new development and economic performance path to encourage the world’s most prominent financial players to invest in its economy. This will tremendously change the country’s digital infrastructure by using blockchain technology innovation needed to execute several projects.