According to reports, the new law will allow citizens of the country to pay their taxes in cryptocurrencies and use them as a way of payment in businesses.
The Central African Republic has not adopted BTC as legal tender. Instead, it has reportedly legalized the use of cryptocurrencies in financial markets.
Read Also: Official: El Salvador Becomes The First Country To Accept Bitcoin As Legal Tender
The Cryptocurrency Bill was introduced by Justin Gourna Zacko, Minister of Digital Economy, Posts and Telecommunications, and was unanimously approved by MPs in Parliament, despite opposition protests.
The Cryptocurrency Law aims to create an enabling environment for the inclusive development of the cryptocurrency sector in the region.
Minister Zacko also referred to the increasing difficulties in sending money from the African nation and believes that the adoption of crypto would help resolve this issue.
According to reports, the new law will allow merchants and businesses to make payments with cryptocurrencies and paves the way for tax payments through authorized entities.
Read Also: Cryptocurrencies Are Now Officially Legal in Ukraine
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