Central African Republic Financial News

Many African countries are warming up to the idea of adopting cryptocurrencies

Uganda's central bank is weighing option of issuing digital currency

Bitcoin crossed a major milestone in September 2021, when it became a legal tender for El Salvador. Although this move was condemned by financial regulators, the country’s GDP grew. This was a major development for Bitcoin as many countries considered El Salvador as an experiment and it seems like the Central African Republic has seen enough to follow the trend setter. It might be a matter of time until the next country makes the announcement.Flipkart jumps into Web 3Flipkart surprisingly tweeted on the 28th of April that it is now exploring Web 3.0. The timing of the announcement is interesting as it comes during an extreme uncertainty in the Indian crypto ecosystem. The second reason why it is surprising is that last April they mentioned that they would accept Bitcoin as a method of payment on their platform on April Fool's Day.

Barring Avalanche and meme tokens — Dogecoin and Shiba Inu — all of the major crypto tokens were trading with minor gains on Thursday. Bitcoin jumped 3 per cent, followed by a 2 per cent rise in Ethereum, Terra and Solana. The global cryptocurrency market cap was trading higher at the $1.81 trillion mark, with a rise close to 2 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 13 per cent to $83.49 billion.

The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year.

Central African Republic (CAR) has officially adopted Bitcoin (BTC) as a legal tender in the country.

Why bitcoin adoption by Central African Republic will be a real test case?

All major crypto tokens were trading sharply lower in the early hours of the trade. Dogecoin and Terra tumbled 8 per cent each while Bitcoin and Ethereum dropped 5 per cent each. XRP shed 7 per cent. The global cryptocurrency market cap was trading lower at $1.77 trillion, with a sharp fall of about 5 per cent in the last 24 hours. Meanwhile, the total cryptocurrency trading volume dropped about 2 per cent to $95.82 billion.

The Central African Republic (CAR) has seemingly confirmed reports that it has adopted bitcoin (BTC) as legal tender – becoming only the second country in the world and the first African nation to do so.

The roughly five million residents of the Central African Republic, or CAR, will now reportedly be able to use Bitcoin in addition to the country's franc as legal tender. 

The Central African Republic has adopted Bitcoin as a legal currency, becoming only the second country to do so after El Salvador.

Bitcoin has been controversial since its beginning in 2009, as have the subsequent cryptocurrencies that followed in its wake.

The Central African Republic (CAR) has become the center of a hot buzz in the crypto world amid various reports of it adopting Bitcoin (BTC) quite similar to El Salvador. However, contrary to popular headlines, the African nation has not adopted BTC as a legal tender, instead, it has reportedly legalized the use of cryptocurrencies in the financial markets.

Confusion reigns as reports in the international press have variously claimed that the Central African Republic (CAR) has “adopted bitcoin (BTC)” as “legal tender” – while other media outlets appear to suggest that the country has actually done nothing of the sort, and instead approved a legal framework that will legalize the use of crypto within the country.

A 555-carat diamond with mysterious origins estimated to be billion years old has been sold for $4.5 million in cryptocurrency at a Sotheby's auction.