Though there has been significant push back and a varied approach to regulating cryptocurrencies and blockchain technology in many countries within Africa, there seems to be a light at the end of the tunnel for cryptocurrency now that the first African country has adopted Bitcoin as an official currency.
On the 27th of April, The Central African Republic became the first country in Africa and the second in the world to officially adopt Bitcoin, with a Presidential statement confirming that a bill governing the use of cryptocurrency was adopted unanimously by parliament. “The president supports this bill because it will improve the conditions of Central African citizens,” Namsio, Chief of staff of President Faustin-Archange Touadera, told Reuters.
This comes after two of the country’s former prime ministers cited the adoption of Bitcoin as “a serious offence” in a signed letter expressing concern about the adoption going forward without guidance from the Bank of Central African States.
Despite rich reserves of gold and diamonds, the Central African Republic has had significant set backs in the past that have grossly impacted its economic and social growth. The concern on everyone’s mind is whether The Central African Republic’s growth and adoption plan for Bitcoin deliberately ensures that the 89% of the growing population within CAR who are yet to gain access to the internet are not lagging behind in the process of becoming accustomed to their new currency.