The International Monetary Fund (IMF) is concerned by the Central African Republic’s recent decision to Bitcoin (BTC) to be introduced as legal tender.
The IMF tells Bloomberg in a new email that the decision poses “major legal, transparent and economic policy challenges” for Central African Republic.
“IMF staff are assisting regional and CAR authorities in addressing concerns raised by the new law.”
CAR President Faustin-Archange Touadera issued a statement in late April, announcing the decision to adopt BTC as legal tender.
“The Central African Republic is not only the first country in Africa to adopt bitcoin as a reference currency, but also the first country in the world to unanimously adopt the bill promulgating the cryptocurrency regulates
We are embarking on a new path that will mark a new stage for our country, while being aware of the difficulties we must face to pursue our mission…
We think first and foremost about how the lives of our fellow citizens will change and about the means needed to create a stable and prosperous economy.”
The African nation is following in the footsteps of El Salvador, which became the first country to adopt bitcoin as legal tender in September last year.
The IMF also criticized this policy, recommending in January that the Central American nation revoke BTC’s status as an official currency.
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Source: Crypto News Deutsch