Central African Republic president authorizes cryptocurrency

By JEAN FERNAND KOENA
Associated Press

BANGUI, Central African Republic (AP) — Central African Republic has legally recognized the use of cryptocurrency after the president approved a law adopted by deputies last week that has also made bitcoin an official currency alongside the West African CFA franc in the African nation. President Faustin Archange Touadera validated the law Wednesday, saying that the exchange rate between cryptocurrencies and the FCFA is freely determined by the market. Tax contributions can also be paid in cryptocurrencies through platforms recognized by the government, the government statement said. It said Central African Republic is now the first country in Africa to adopt bitcoin as a reference currency. Many officials and civil society groups have protested this law, saying it risks national sovereignty.