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AfricaMay 17 2022

CAR’s bitcoin currency gambit

The central African government’s move to embrace bitcoin highlights the growing importance of cryptocurrencies across the continent, with central banks playing catch up. John Everington reports.
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CAR’s bitcoin currency gambit

As African nations move increasingly toward developing central bank digital currencies (CBDCs), one country seems to either have not got the memo, or perhaps badly misread it. In April, the Central African Republic (CAR) became the second country in the world, after El Salvador, to adopt bitcoin as legal tender alongside its existing currency, the CFA franc.

The move comes amid an explosion in cryptocurrency use across Africa — often via informal channels — with central banks struggling to keep up.

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John Everington is the Middle East and Africa editor. Prior to joining The Banker, John was the deputy business editor of The National in the UAE, and has also worked for Dealreporter, Arab News and The Telegraph. He has also covered the telecom sector in Africa and the Middle East, living and working in Qatar and the UK. John has a BA in Arabic and History and an MA in Middle Eastern Studies from the School of Oriental and African Studies (SOAS) in London.
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