The Central African Republic has become the second country to legalize bitcoin as a form of payment.

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A bill allowing cryptocurrency was overwhelmingly passed by parliamentarians in the Central African Republic.

Bitcoin will be accepted as legal money alongside the CFA franc in Central Africa.

The CAR is the world's second country to declare bitcoin official tender. Last year, El Salvador did so. The Central African Republic has become the world's second country to embrace bitcoin as its official currency, following El Salvador's decision last year.

According to a statement from the presidency, lawmakers in the CAR's parliament voted unanimously to adopt a measure legalizing bitcoin and other cryptocurrencies.

Bitcoin will be accepted as legal money alongside the CFA franc in Central Africa.

According to Reuters, President Faustin-Archange Touadera's chief of staff, Obed Namsio, hailed the decision "a crucial step toward opening up new chances for our country." The Central African Republic is rich in diamonds, gold, and other important minerals, yet it is one of the world's poorest and least-developed nations.

According to the World Bank, over 71 percent of CAR's 5.4 million people lived below the international poverty level in 2020.

For years, the landlocked country in the heart of Africa has been wracked by political unrest and violence. "The key question is for whom the cryptocurrency ruling is intended," David Gerard, an independent author who has closely studied crypto over the years, said CNBC.

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