On Wednesday, President Faustin Archange Touadera’s office released a statement announcing that the measure is now law.
Additionally, exchanges will not besubject to taxes.
A developing country, Central African Republic has a population of approximately 5 million.
This move into cryptocurrency is one of the nation’s latest efforts to improve CAR’s financial infrastructure.
However, the new bill has its detractors.
He argues that the law works to undermine the CFA franc, the country’s currency.
“This move raises the question: who benefits from it?”
The country rejected the agency’s recommendations andpurchased $21 million worth of bitcoinas the law went into effect.
