Bitcoin adopted as official currency by Central African Republic

The Central African Republic (CAR) has adopted crypto currency Bitcoin as an official currency- just the second country and first african country to do so.

Despite rich reserves of gold and diamonds_ CAR is one of the world's poorest countries and fighting with rebel violence for years.

A bill regarding the use of crypto currency as legal tender was adopted unanimously by parliament last week_ said a statement from the CAR presidency.

Without elaborating Obed Namsio_ chief of staff of President Faustin-Archange Touadera told_ the president supports this bill because it will improve the conditions of the citizens of CAR.

In the statement_ he called it a decisive step toward opening up new opportunities for CAR and the move puts the country on the map of the boldest and most visionary countries the world.

The internet is compulsory to use any cryptocurrency but in 2019. But according to the WorldData website_ only 4 per cent of people in CAR had access to the web.

Along with other former French colonies in Africa_ French-backed CFA franc is used as the currency of CAR_ known as Russian ally. Some see the approval of Bitcoin as an attempt to undermine the franc_ amid a contest for influence over the resource-rich country between France and Russia.

However_ computer scientist Sydney Tickaya said_ the adoption of Bitcoin was "premature" and "irresponsible".

El Salvador_ the Central American country became the first country to approve Bitcoin as an official currency in September last year. But many have raised fears that crypto currencies like Bitcoin could make it easier for money laundering.