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Bitcoin Boom Spikes Amid Perceived Risks

 Bitcoin adoption in Central African Republic ( CAR) Central African Republic and El Salvador have made Bitcoin legal tender and Panama has ...

 Bitcoin adoption in Central African Republic ( CAR)
Central African Republic and El Salvador have made Bitcoin legal tender and Panama has approved a bill to regulate crypto assets. Experts have warned that nations that adopt crypto currencies risk instability. Central African Republic (CAR) last week become the first country in Africa to adopt Bitcoin as its official currency.

Central African President Faustin Archange Touadera's government justified the contentious move, saying that it would "improve the conditions of the nation's citizens" and put it "on the map of the world's boldest and most visionary countries."

Political observers and financial analysts have warned that adopting the cryptocurrency is not a solution to the nation's problems. CAR is as one of the world's poorest and least-developed countries, ravaged by a yearslong rebel conflict — despite its gold and diamond riches.

Bitcoin law passed in haste

The head of the International Monetary Fund's African department, Abebe Aemro Selassie, recently said that a "robust" payment system with financial transparency and a governance framework must be in place when adopting cryptocurrencies.

But Justin Gourna Zacko, CAR's digital economy minister, is in favour of Bitcoin. He told DW that cryptocurrencies eliminate central bank control.

"You have your money, you send it to an investor for a business, you get it in any currency, you can dispose of it in dollars, euros, CFA francs or naira," Zacko said.

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