Skip to Content
AP National Business

Central African Republic president authorizes cryptocurrency

KVIA
By
Published 1:18 PM

By JEAN FERNAND KOENA
Associated Press

BANGUI, Central African Republic (AP) — Central African Republic has legally recognized the use of cryptocurrency after the president approved a law adopted by deputies last week that has also made bitcoin an official currency alongside the West African CFA franc in the African nation. President Faustin Archange Touadera validated the law Wednesday, saying that the exchange rate between cryptocurrencies and the FCFA is freely determined by the market. Tax contributions can also be paid in cryptocurrencies through platforms recognized by the government, the government statement said. It said Central African Republic is now the first country in Africa to adopt bitcoin as a reference currency. Many officials and civil society groups have protested this law, saying it risks national sovereignty.

Article Topic Follows: AP National Business

Jump to comments ↓

Associated Press

BE PART OF THE CONVERSATION

KVIA ABC 7 is committed to providing a forum for civil and constructive conversation.

Please keep your comments respectful and relevant. You can review our Community Guidelines by clicking here

If you would like to share a story idea, please submit it here.

Skip to content