• Home
  • Live Crypto Price
  • Contact
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact
No Result
View All Result
No Result
View All Result
Home Cryptocurrency

Central African Republic Launches Legal Framework For Economic Use Of Bitcoin

Shawn Amick by Shawn Amick
April 26, 2022
in Cryptocurrency
0 0
0
Central African Republic Launches Legal Framework For Economic Use Of Bitcoin
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter



  • The Central African Republic is developing a legal framework enabling the economic use of cryptocurrencies like bitcoin.
  • The Finance Minister explained they will not be replicating El Salvadoran legislation that made bitcoin legal tender.
  • Infrastructure development will be required to achieve wide-spread economic use of cryptocurrencies.

The Central African Republic has launched the creation of a legal framework that will allow the use of cryptocurrencies like bitcoin to be openly used within the economy, according to a report from Bloomberg.

Finance Minister Herve Ndoba reportedly stated lawmakers have adopted proposals including the creation of a regulatory body to maintain oversight of cryptocurrencies. Ndoba continued to explain that the focus of the legislation is to integrate the use of cryptocurrencies in the economy, during a phone interview from Washington D.C.

“There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Ndoba said. “This time, we can actually say that our country is one step ahead.”

Ndoba reportedly noted that the legislation being presented does not mirror the El Salvadoran proposals which allowed the nation-state to become the first to adopt bitcoin as legal tender.

The report explains the Central African Republic holds gold and diamond reserves, yet remains one of the poorest countries in the world. The country’s presidential elections of 2020 were preceded with years of violent conflict and political crises, leading to a severe economic impact that damaged relations with international partners which ultimately caused delays in the reception of vital aid.

As the legal framework for the economic use of cryptocurrencies like bitcoin develops, the Central African Republic will likely pursue internet infrastructure development as well. Because the internet penetration of the Central African Republic is reportedly around only 11.4% of the population.

This statistic represents a little over 557,000 internet users and a total population of 4.87 million. However, the mobile connections available at the time of reporting was over 30.7% of the population, though many people have more than one mobile connection which skews the statistics.



Source link

Previous Post

Uncollateralized Lending Platform Truefi Reveals $100 Million Single-Borrower Pool Designed for Blockchain.com – Bitcoin News

Next Post

Finder’s Experts Predict Apecoin Will End 2022 at $27 per Token, 75% Think APE Is Just ‘Another Memecoin’ – Markets and Prices Bitcoin News

Shawn Amick

Shawn Amick

Next Post
Finder’s Experts Predict Apecoin Will End 2022 at $27 per Token, 75% Think APE Is Just ‘Another Memecoin’ – Markets and Prices Bitcoin News

Finder’s Experts Predict Apecoin Will End 2022 at $27 per Token, 75% Think APE Is Just 'Another Memecoin' – Markets and Prices Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

May 5, 2022
BOLT12, LNURL And Bitcoin Lightning

BOLT12, LNURL And Bitcoin Lightning

June 20, 2022
Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

April 24, 2022
Nubank Rolls Out Bitcoin Buying In Brazil

Nubank Rolls Out Bitcoin Buying In Brazil

June 28, 2022
Bitcoin Is Our Weapon In The War Of Ideas

Bitcoin Is Our Weapon In The War Of Ideas

0
Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

0
Insurance Considerations For Bitcoin Miners

Insurance Considerations For Bitcoin Miners

0
Becoming A Sovereign Individual With Bitcoin

Becoming A Sovereign Individual With Bitcoin

0
How-To Guide: Running an Ecash Mint

How-To Guide: Running an Ecash Mint

September 25, 2023
Bitcoin Blockchain Is Fighting Fraud In Guatemala’s Presidential Elections

Bitcoin Blockchain Is Fighting Fraud In Guatemala’s Presidential Elections

September 23, 2023
French Restaurant Seeks to Drive Bitcoin Adoption, Accepting Only BTC for High End Menu Item

French Restaurant Seeks to Drive Bitcoin Adoption, Accepting Only BTC for High End Menu Item

September 22, 2023
The Subtle Art of Orange Pilling

The Subtle Art of Orange Pilling

September 22, 2023

Recommended

How-To Guide: Running an Ecash Mint

How-To Guide: Running an Ecash Mint

September 25, 2023
Bitcoin Blockchain Is Fighting Fraud In Guatemala’s Presidential Elections

Bitcoin Blockchain Is Fighting Fraud In Guatemala’s Presidential Elections

September 23, 2023
French Restaurant Seeks to Drive Bitcoin Adoption, Accepting Only BTC for High End Menu Item

French Restaurant Seeks to Drive Bitcoin Adoption, Accepting Only BTC for High End Menu Item

September 22, 2023
The Subtle Art of Orange Pilling

The Subtle Art of Orange Pilling

September 22, 2023

About Us

We bring you the latest bitcoin news from all over the internet

Categories

  • Cryptocurrency
  • Latest
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In