In a financial first for Africa, the Central African Republic has adopted Bitcoin as legal tender. Lawmakers unanimously approved a law legalizing the cryptocurrency alongside the CFA franc. But on the streets of Bangui, there’s Bitcoin bafflement.
And the political opposition rejects the new law and plans to challenge it in the constitutional court. CAR already has a currency: It is one of six central African countries that share the CFA franc – backed by France and pegged to the euro. Some members of parliament argue that the move is simply intended to gut this common currency. Others have speculated that Bitcoin might be used to funnel money from CAR to Russia, bypassing international sanctions.
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