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The Central African Republic (CAR) leap-frogged several other contending countries by passing legislation to adopt Bitcoin into its financial system.
The African nation passed a law to accept Bitcoin as a legal tender in the country, as reported by Forbes Monaco on April 23. The news has subsequently been making headlines worldwide. Reportedly, the bill was initiated and submitted by the Minister of Digital Economy, Post Services and Telecommunications, Gourna Zacko, and the Minister of Finance and Budget, Calixte Nganongo. The bill also attempts to establish a legal framework for the regulation of cryptocurrencies in the nation.
“This initiative will completely transform the CAF’s digital infrastructure by applying the blockchain technological innovation necessary for the project’s implementation. Investing in cryptocurrencies benefits for millions of users, which even the opposition understood,” detailed the Forbes Monaco article. “Initially critical of the project, the parliamentary groups Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) voted in favor to support the nation’s best interest, to benefit from prosperity and stability.”
The Central African Republic has become the second country to accept Bitcoin into its monetary system, thereby increasing the token's adoption. However, despite the fact that another country has adopted Bitcoin into its financial system, the price and market cap of the cryptocurrency and other prominent tokens have taken a tumble.
At the time of writing, BTC trades at $38,925, over 12% down from a month ago, as per data from CoinMarketCap. The token’s market capitalization currently stands at $738 million, over 41% down from its all-time high of $1.27 trillion.
In 2021, El Salvador shocked the world by becoming the first country to nationalize usage of the most popular cryptocurrency. The news of CAR's adoption was broken by Forbes Monaco, however there is no official confirmation that has come from the government or officials of the country itself.
What is the Bitcoin Network:
Bitcoin is the first peer-to-peer digital currency network that sprung into existence after Satoshi Nakamoto conceptualized in the original whitepaper released in 2008. The network’s native token, Bitcoin (BTC) has since held its stead ad the premier cryptocurrency token that often dictates the price movements and sentiment of the entire market. The token is the most adopted cryptocurrency and has the largest market capitalization among thousands of other crypto tokens.