Unearthing the Truth About Central African Republic ‘Bitcoin Legal Tender’ Reports
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.
In either case, there are no official confirmations yet.
Similarly outlandish claims were made about the ambitions of the Russian finance ministry back in April, with some appearing to misinterpret the ministry’s hopes to “legalize” the sector as meaning that it wanted to give BTC and the like “legal tender status.” The latter has so far taken place in only one country: El Salvador, where BTC now has the same legal standing as the fiat USD.
Regardless, media outlets such as Forbes Monaco claimed that a “draft law establishing both the legal framework for cryptocurrency regulation and bitcoin as an official currency” had been approved in parliament.
Other media websites told a very different story, however, with RFI, one of France’s biggest media outlets, reporting that the law in question “aims [to go] beyond the creation of a legal framework for cryptocurrency,” and instead “establish a favorable environment for the financial sector.”
Although this report was more scant in detail, it appeared to suggest that the government wants to allow crypto to be used as a means of sending and receiving international remittances.
The Minister of the Postal Service and Telecommunications Justin Gourna Zacko was quoted as “highlighting the restrictive framework of the central bank,” and claiming that “digital currencies” had “many advantages.” The minister added that it was currently
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