International Monetary Fund supports Central African Republic Bitcoin adoption
As reported by Cointelegraph, after the Central African Republic (CAR) adopted Bitcoin it received support from the International Monetary Fund (IMF) for one year. It is expected the positive attitude of the IMF has been able to show the economic status of the country and its initiative towards accepting cryptocurrency.
Sources revealed that after EL Salvador, the Central African Republic is the second country that accepted Bitcoin as a legal tender. In spite of being an underdeveloped country CAR is trying to make use of the potential of Bitcoin to redefine its financial structure and grow its economic value, Cointelegraph added.
It is estimated that after Bitcoin gets accepted as a legal tender in CAR, the government took steps to implement digital currency. Furthermore, the initiative is named Sango Project,making a gateway for the country to step into the world of cryptocurrencies, Faustin-Archange Touadera, President, Central African Republic, told Cointelegraph.
(With insights from Cointelegraph)
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