Central African Republic is the Latest Country to Embrace Crypto

Central African Republic crypto

Bitcoin fever is spreading.

Days after a Central African Republic official introduced a measure to legalize the decentralized digital currency, Finance Minister Herve Ndoba said the legislation would facilitate the use of cryptocurrencies in the nation’s economy, Bloomberg reported Tuesday (April 26).

The measure, introduced by Justin Gourna Zacko, the minister of digital economy, post and telecommunications, is expected to provide a favorable environment for growth in the crypto sector, he said.

The Central African Republic has begun creating a legal framework to regulate the use of cryptocurrencies, Ndoba said.

Last week, lawmakers enacted a proposal that would create a regulatory body to oversee digital currencies, he added.

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

Ndoba insisted the proposed legislation is not an attempt to follow El Salvador, which became the first country to introduce bitcoin as legal tender.

Last summer, The Block reported El Salvador President Nayib Bukele said the country’s government-supported cryptocurrency wallet will be live by September.

See also: Bitcoin Daily: El Salvador Prepares To Launch Bitcoin Wallet In September

The Chivo wallet, will be optional for use, although those who download it will reportedly receive $30 in bitcoin, according to the report. Residents won’t be obligated to use the wallets or digital currencies, the Chivo wallet will let people pay in bitcoin or dollars anywhere.

Ndoba said the legislation under consideration would bring cryptocurrencies into all sectors of the economy.

While the Central African Republic has gold and diamond reserves, it is considered one of the world’s poorest nations. DataReportal, an online data company, reported only 11% of the country’s 5 million residents have internet access.