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Crypto

The Central African Republic Reportedly Passes A Bill To Regulate Crypto Use

According to the new crypto law, citizens will be able to pay their taxes in crypto, and their businesses will be allowed to make payments in crypto.

Reports of the Central African Republic (CAR) adopting bitcoin are circulating around the world. However, the country did not accept BTC as a legal tender, but stated that it would allow the use of crypto in financial markets.

RFI has been approved in parliament by Justin Gourna Zacko, the Minister of Digital Economy, Post and Telecommunications, and lawmakers, despite opposition protests against the cryptocurrency law.

Minister Zacko touched upon the growing difficulties of sending Money from his Country. He stated that this law will solve these problems.

This law will allow merchants and businesses to make their tax payments in crypto through authorized institutions to make Crypto payments.

Offenders who break this law can face up to 20 years’ imprisonment and a fine of 100000 to 1000000 CFA francs.

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 Gloire, founder of Kivecs, a bitcoin beach-inspired refugee project in Congo, said that :

The real implication for people is that they can now have access to currencies other than the FCFA (this is the local currency) while being protected by law, and transfer money at a lower cost. Above all, they can carry out financial transactions without banks (while being protected by law).

A total of 14 countries use the CFA franc pegged to the euro minted in France. The country’s monetary policy is controlled by Western powers. (1 euro equals 655.96 CFA francs). The country’s currency has been depreciating for a while. Due to this situation, cryptocurrencies are increasing in popularity in countries with economic difficulties.

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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