The central African Republic, a country in central Africa, has become the latest to adopt friendly rules to regulate the crypto industry in the nation. In addition, the country has also adopted Bitcoin as its legal tender to prompt economic recovery, Forbes reported Saturday.
According to the report, the minister of the digital economy, post services, and telecommunications, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo, submitted the bill that sought to make Bitcoin the country’s legal tender in the parliament. The draft law was unanimously approved by the lawmakers in the National Assembly,
However, the report was later debunked by other media outlets, which reported that while lawmakers have introduced a cryptocurrency bill, it has not made Bitcoin a legal tender in the country.
Despite that, adopting cryptocurrencies as a means of payment could be beneficial for the central African country that has been suffering from poverty and economic instability for decades. With the legalization of cryptocurrencies, the country may see an increase in tourism as well as investments.
Per reports, the new law would allow citizens to make tax payments in crypto assets, as well as allow businesses and individuals to transact in the same. In addition, the crypto adoption may also pave the way for easier remittance transfers to and from the country.
Latin American country El Salvador became the world’s first country to adopt Bitcoin as its legal tender in September last year. Later in March, the City of Lugano, the ninth-largest city in Switzerland, also announced Bitcoin, Tether, and its own token, LVGA as “de facto” legal tenders of the city.