Some interesting news coming out of the Central African Republic is that the country’s government has approved a law that allows Bitcoin to be accepted as legal tender in the country. This decision has made the Central African Republic the first country in Afrika to accept Bitcoin, or any cryptocurrency for that matter, as a means for legal payments.
There’s no denying that cryptocurrencies are slowly going mainstream and gaining popularity, in Afrika too. This is observed when you look at the top 10 global lists of worldwide Bitcoin exchanges trading volumes as well as the worldwide number of cryptocurrency holders by country, in both lists three Afrikan countries feature. However, none of those Afrikan countries are the Central African Republic.
There are several reasons why the Central African Republic doesn’t feature in the top 10 of any cryptocurrency usage list. For starters, internet penetration in the landlocked country is only 11%. Furthermore, only 48% of its population has access to a mobile phone, not necessarily even a smartphone. Given these two reasons and several other socio-economic reasons the government’s decision to accept Bitcoin as legal tender is rather a curious one.
Look, cryptocurrencies are here to stay and it is definitely only a matter of time before they go mainstream in one way or another (Note: this is not financial advice). However, the Central African Republic…
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