Cryptocurrencies
The Bitcoin Gamble in the Central African Republic
The country’s attempt at becoming Africa’s top cryptocurrency destination has faced widespread skepticism
Photographer: Angel Garcia/Bloomberg
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By now you’ve probably heard that El Salvador became the first country in the world to adopt Bitcoin as legal tender in September 2021. Did you know the Central African Republic made a similar move in April, becoming the first country in Africa to welcome a cryptocurrency to its sovereign ranks?
Not only did the decision cause disagreement and confusion within the country, it also drew skepticism and concern from organizations such as the International Monetary Fund and the World Bank.