Central African Republic Approves Bitcoin as a Reserve Asset

The Central African Republic (CAR) plans to use bitcoin as a reserve asset as part of the country's efforts to adopt cryptocurrencies and blockchain technology as tools to support a debilitated economy. The decision of the Central African Republic to place the main cryptocurrency as part of its national reserves follows a policy aimed at legalizing bitcoin in the country.

The country became the first jurisdiction in Africa to approve bitcoin as legal tender back in April. The National Assembly approved the proposal after Minister of digital economy Gourna Zacko and Minister of Finance Calixte Nganongo drafted a bill that received unanimous support in the Senate.

The CAR supplemented its bitcoin legalization bill with a project called Sango, a blockchain platform to support the adoption of cryptocurrency in the country. According to reports, Sango is a bitcoin sidechain built similarly to the Liquid Network. Sango is scheduled to launch on July 25 and is expected to work as a digital money system.

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