Central African Republic becomes 2nd country to adopt Bitcoin as legal tender

The Central African Republic (CAR) has become the second country to adopt Bitcoin as legal tender.

A statement from the CAR’s Presidency said that lawmakers had voted unanimously to adopt the world’s largest cryptocurrency as a legal tender in the country.

Despite being one of the poorest countries in the world, the nation is rich in diamonds, gold and uranium.

However, internet is needed to use cryptocurrency. According to a WorldData website, as of 2019, just more than 4% of people in CAR had access to the internet.

The CAR’s adoption of Bitcoin means the token will be used alongside the French-backed CFA franc as its currency.

The response from officials has been mixed, with some believing the move is an attempt by Russia or France to undermine the CFA for gaining control over the resource-rich nation.

Following the inauguration of President Faustin-Archange Touadéra, in 2016, the country started shifting its strategic alliance from France towards Russia. Until now the CAR has suffered tremendously from ongoing conflict, since their independence in 1960.

In September last year, El Salvador became the first country to adopt Bitcoin as legal tender alongside the US Dollar.

Market News

Bitcoin rallied 3.4 per cent in the past 24 hours to reach US$39,550. Meanwhile, Ethereum also saw a gain of 2.5 per cent to reach US$2,890.

Altcoin News

New data from WhaleStats reveals that the biggest Ethereum whales are stocking up on meme coin Shiba Inu, ApeCoin as well as two metaverse tokens.

The latest data reveals that in the last 24 hours, trading volume among deep-pocketed crypto investors put virtual world token The Sandbox (SAND) in fifth place. In addition to this they have also taken interest newly launched Apecoin along with Ethereum and several dollar-pegged stablecoins.

According to data, the whales are also buying up 3D virtual reality world token Decentraland (MANA), which is one place behind APE in eighth.

And finally, dog-themed meme token, Shiba Inu, rounds out the top ten with around 2.4 billion tokens exchanged.

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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