Edited by BellaRose Okojie
The Central African Republic has passed a law making cryptocurrency an acceptable legal tender and a mode of transaction in the country. This was announced by the office of President Faustin Archange Touadera on Wednesday. While this is not the first country to make this decision, El Salvador who first made crypto legal tender is still battling with it.
Making cryptocurrency a legal tender, a risk or a means to economic stability?
Is the Central African Republic (CAR) taking a risk, or are there measures on the ground to keep the economy stable? Due to the volatility of cryptocurrency, a country’s economy can’t solely rely on it as a legal tender. The President of the Central African Republic said that this move makes his country one of, not just Africa’s but, the world’s boldest countries. But is bravery all it takes?
A lot of countries have placed bans or restrictions on cryptocurrency to aid their economies and keep track of transactions performed within their borders. Cryptocurrency, at the moment is the currency of the future; it is digitalization at its peak. But at this moment, it appears too volatile to rest a country’s economy on. Plus, its decentralized nature puts government agencies on high alert as it serves as a threat to economic security.
Notably, the IMF has kicked against the acceptance of cryptocurrency as a legal tender, but more than a handful of CAR lawmakers voted in favour of the bill. Also, the office of the president said this was a decisive step toward opening up new opportunities for the country assuring that bitcoin will be considered legal tender alongside the regional CFA franc.
As an Amazon Associate, TechCity may earn a small commission if you shop these products.
Premier Protein Shake, Chocolate, 30g Protein 1g Sugar 24 Vitamins Minerals Nutrients to Support Immune Health, 11.5 fl oz (Pack of 12)
$26.13 (as of April 24, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Apple AirTag
$24.00 (as of April 24, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
3-Pack [3.3FT+6.6FT+10FT] 60W USB C to USB C Cable, Type C to Type C Cable,Fast Charging Cable Compatible with iPhone 15/Plus/15 Pro/Pro Max，Samsung Galaxy S23 S22, iPad Pro, MacBook Air and More
$9.83 (as of April 24, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
STANLEY IceFlow Stainless Steel Tumbler with Straw, Vacuum Insulated Water Bottle for Home, Office or Car, Reusable Cup with Straw Leak Resistant Flip
$35.00 (as of April 24, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Huggies Size 1 Diapers, Little Snugglers Diapers, Size 1 (8-14 lbs), 198 Ct (6 packs of 33), Newborn
$53.47 (as of April 24, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon eero 6 dual-band mesh Wi-Fi 6 extender - expands existing eero network
$79.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Charger for HP Laptop Computer 65W 45W Smart Blue Tip Power Adapter
$9.90 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Dell USB 3.0 Ultra HD/4K Triple Display Docking Station (D3100), Black
$100.07 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Amazon Fire 7 Kids tablet, ages 3-7. Top-selling 7" kids tablet on Amazon - 2022 | ad-free content with parental controls included, 10-hr battery, 16 GB, Blue
$109.99 (as of April 23, 2024 07:25 GMT +01:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
