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The Central African Republic has adopted Bitcoin as legal tender

The Central African Republic has adopted Bitcoin as legal tender

According to the BBC, Russia is a close ally of the state, and mercenaries from the Russian Wagner Special Army (Wagner’s Russian version) are also fighting rebel groups in the country.

The use of bitcoin has been approved by Parliament, which, according to the presidency, “ranks the country among the most courageous and visionary.”

The currency of the Central African Republic is the franc, as in other former French colonies. According to the BBC, the adoption of bitcoin may be an attempt to weaken the franc in the context of a power struggle between Russia and France.

“This suspicion is growing with regard to systemic corruption (in the Central African Republic) and with a Russian partner facing international sanctions,” French analyst Thierry Vercolon told AFP.

The Central African Republic has been the scene of conflicts since 1960, when independence from France was declared. In 2013, Muslim rebel groups took control of a predominantly Christian country, which militia units are fighting, leading to massacres between members of various religious groups. Bangui began switching to Russia in 2016, when Faustin-Archange-Twader took over.

Salvador and Prospira

Central America El Salvador adopted bitcoin as an official currency alongside the US dollar last September – as the first country in the world. The government is urging people to pay with cryptocurrency, for example, by distributing bitcoin to all users for the first time when the official Chevo virtual wallet is created, which is about $30 (670 CZK).

The most popular cryptocurrency in the world in this field can now be used for purchases and payments for services.

However, the central bank in Hondur has warned that it cannot guarantee cryptocurrency transactions. “Any transaction made with this type of virtual asset is the responsibility and risk of whoever undertakes it,” the bank said in a statement carried by Reuters.

Bitcoin and other virtual currencies

There are many virtual currencies. One of the oldest and most popular currencies currently is the so-called bitcoins. It was established in 2009, but has gained more popularity in recent years. This currency is designed so that it cannot be influenced by any government or central bank.

Cyber ​​coins “mint” a network of computers with specialized software programmed to issue new coins at a steady but declining pace. It is expected that the number of coins in circulation will eventually reach 21 million, which is about 2140.