Africa-Press – Eritrea. AS Tanzania keeps seeking clarity concerning the central bank digital currencies (CBDC), Central African Republic has become the second country in the world after El Salvador and the first in Africa to adopt the use of cryptocurrency bitcoin in particular as a legal tender and utilizing it as an official state currency.
The Parliament of Central Africa Republic issued the bill of cryptocurrency use last week and approved by President’s chief of staff Obed Namsio making it the only African country to make use of blockchain technology in its formal financial system.
Early this April, Finance and Planning Minister Mwigulu Nchemba brought up a debate on the concept of digital assets and said that both topics needed more ‘thorough discussions’ before the country could make commitments, a view that was echoed by Bank of Tanzania governor Prof Florens Luoga.
Meanwhile, Nchemba was quoted in the report revealing the extent of the progress that has been made by the BOT, saying the central bank is finalizing preparations of a business case for the establishment of a CBDC in Tanzania and evaluation of crypto assets after recording significant progress.
The Central African Republic is one of six nations that use the Central African CFA franc, a regional currency governed by the Bank of Central African States (BEAC), wherewith bitcoin adopted in the country cryptocurrencies now have an equivalent value to their CFA franc.
Central African Republic Minister of Finance Minister Herve Ndoba made remarks on this transition while speaking to Bloomberg and said “There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology.
This time, we can say that our country is one step ahead.”
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