The Central African Republic changes its Bitcoin law and abandons the path indicated by El Salvador

Bitcoin ceased to be legal tender today in the Central African Republic, where the National Assembly approved amendments to the legislation that had been in force since April last year, according to which the country decided to follow the path indicated by El Salvador.

Gaetán Kongo, a political figure in the Central African Republic, comment On Twitter that lawmakers Amendments to the law were approved by the majority. that govern cryptocurrencies.

As CriptoNoticias reported at the time, the law requires all economic agents to accept payments in bitcoin.

However, with the changes made, The document now calls for free consent.

“Each economic agent is free to accept cryptocurrencies as a form of payment when offered to buy or sell a good or service” refers to Article 9, as indicated in local media.

On the other hand, the amendment repealed Article 11 which provides for the “automatic and instant” convertibility of bitcoin funds into CFA francs (the national currency of the Central African Republic) or vice versa.

Three months ago, President Faustin-Archange Touadera announced the creation of a 15-member commission, responsible for New Bitcoin Bill Or the “Cryptocurrency Use Act.”

Frustrated Plans to Establish Bitcoin Policy in Central Africa

Previously, the governor of Central Africa, Touadera, has made it clear that he believes in the potential offered by bitcoin and other cryptocurrencies to “disguise” financial barriers preventing the growth of his country’s economy.

However, it may be that the boss, due to pressure, abandoned his plans Copy the Bitcoin model generated in El Salvador.

Apparently, the Bank of Central African States or BEAC, the Central African Banking Commission (COBAC), together with the Central African Monetary and Economic Community (UMAC), They opposed the Bitcoin Act that went into effect last Apriladd local sources.

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Likewise, in El Salvador, the government of the Central African Republic It was criticized by the International Monetary Fund (IMF) for its decision to adopt Bitcoin as legal tender.

in document Released in December last year, the IMF urged regional authorities to step up coordination to improve regulatory capacity for digital assets, with the aim of preserving the CFA franc as the only legal tender.

Amendment made in the Bitcoin Code of the Central African Republic El Salvador is left as the only country in the world Where the cryptocurrency pioneer is considered an asset for legal use.

The El Salvadoran government has made it clear that it has no doubts about the future of bitcoin, and despite warnings from the International Monetary Fund about the dangers of adopting BTC, its plans with the cryptocurrency have remained firm.

Myrtle Frost

"Reader. Evil problem solver. Typical analyst. Unapologetic internet ninja."

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