Newsonline reports that the International Monetary Fund has stated that the adoption of Bitcoin as legal tender by the Central African Republic presents a number of challenges.
Ranking among the poorest nations in the world, the nation last week became the second to adopt cryptocurrency after El Salvador. The Central African Republic is the first African nation to accept bitcoin as legal tender.
Opposition parties criticized the government’s decision, which was made without consulting the regional central bank that manages the shared currency of six countries, including the Central African Republic.
“Bitcoin’s acceptance as legal tender in C.A.R. raises significant legal, economic policy, and transparency issues,” the Fund said in an emailed response to a question sent to it.
In response to concerns raised by the new law, IMF staff are assisting the Central African Republic’s authorities.
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