Central African Republic Adopts Bitcoin as Official Currency

Bitcoin has become a legal currency in the Central African Republic

The Central African Republic has adopted the cryptocurrency "Bitcoin" as its official currency, becoming the first country in Africa to do so, and the second in the world.

A statement from the Presidency of the Republic said that the parliament unanimously approved last week a bill regulating the use of cryptocurrency.

"The president supports this bill, because it will improve the conditions of the citizens of Central Africa," said the chief of staff of the President of the Republic.

Despite possessing large reserves of gold and diamonds, the Central African Republic is one of the poorest and least developed countries in the world and has suffered from rebel violence for years.

The Central African Republic is one of six countries that use the Central African Franc, a regional currency regulated by the Bank of Central African States.

Last year, El Salvador became the first country in the world to adopt Bitcoin as a legal currency.