Earlier this week, news began to circulate about a new cryptocurrency bill in the Republic of Central Africa. The bill focuses on providing a framework for Bitcoin and cryptocurrencies and their use as legal tenders. An official translation of the bill highlighted several key facts and provided an in-depth look at what the law offers.
The bill would allow for a legal framework to be set in place for cryptocurrencies, as well as making Bitcoin one of the officially-recognized currencies in the Central African Republic. It is important to note that some news outlets have misstated this fact, and reported that only Bitcoin was being adopted. Bitcoin is being adopted as a legal tender, and a legal framework around several cryptocurrencies was addressed in the approved bill. This bill reportedly garnered support through a unanimous vote by the National Assembly.
The press release also emphasized that this would be the first African country to accept Bitcoin and specific cryptocurrencies as legal tenders.
The bill was officially signed into law on April 27th, making the Republic of Central Africa the second country in the world to adopt Bitcoin as a legal tender.
The bill has many different implications for citizens of the Central African Republic. Once enforced, this bill would allow citizens to choose how they want to pay for their taxes with cryptocurrency being one of the options. Additionally, customers would be able to pay for various services and products with Bitcoin, since businesses would have the means to accept that form of payment.
However, it’s also important to note that while the bill addresses all the good that it can potentially lead to, it also includes penalties for those who violate certain laws. This includes a maximum jail sentence of 20 years as well as a hefty fine.
The bill was just approved last Thursday, and the minister of Digital Economy, Posts and Telecommunications, Justin Gourna Zacko envisions a future where the transfer of money will not only be faster, but easier in the Central African Republic.