Following El Salvador, the Central African Republic approved Bitcoin as the official currency. The decision was based on a unanimous vote of MPs.
The move, the presidency said in a statement, puts the Central African Republic ‘on the map of the bravest and most visionary country’, quoted from the BBC, Thursday (28/4/2022).
The Central African Republic is one of the poorest countries in the world. But rich in diamonds, gold and uranium
Today, the Central African Republic uses the French-backed CFA franc currency along with most of the country’s former African colonies. The government’s move was met with mixed reactions by analysts.
For example, some people call it an attempt to weaken the CFA. Currently the contest for influence over the resource-rich country between Russia and France is underway.
“The context is reminiscent of systemic corruption and Russia’s partners facing international sanctions, prompting suspicion,” analyst Thierry Vircoulon told AFP.
Meanwhile, economist Yann Daworo told BBC Afrique that the government’s move would make life easier. Because transactions can be done via smartphones and also the ease of converting Bitcoin to other currencies.
Computer scientist Sydney Tickaya said the adoption was premature and irresponsible. He highlighted the retarded internet access there.
For information, the coverage of internet users in that country is indeed very low. In the 2019 World Data report, only 4% of Central Africans have access to cyberspace.
“Internet access is still underdeveloped in this country while Bitcoin is completely dependent on the internet,” he said.