Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The Central African Republic created a law regulating the use of cryptocurrencies. According to Forbes, would make of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. legal tender, but other reports say it is not.
The medium Forbes reported over the weekend that the Central African Republic, a country of 4.8 million people in Central Africa, has become the world’s most populous country. the first country in Africa to adopt Bitcoin as a currency currency is a medium of exchange that defines value. of payment . Indicates in the text: “in a world first, the National Assembly unanimously adopted the bill to help implement the country’s plan for economic recovery and peacebuilding”.
However, the country, although it has confirmed the legislation regulating the market, has not confirmed the news spread a price difference between asking and selling prices of the asset. by this and other media outlets that Bitcoin is now, as such, legal tender in the Central African nation.
Explained the media outlet that the Minister of Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Economy, Posts and Telecommunications, Gourna Zacko, and the Minister of Finance and Budget, Calixte Nganongo, initiated and presented the bill that establishes both the legal framework for the regulation of cryptocurrencies and a Bitcoin as legal currency in the Central African Republic .
The application of legal tender implies the acceptance of cryptocurrencies as a legal means of payment established by specific legislation, saidForbes. “Con las criptomonedas, República Centroafricana se está moviendo hacia un nuevo camino de vanguardia de desarrollo y desempeño económico, un campo dinámico que es popular entre los inversores de todo el mundo y siempre presente como activos completos en las carteras de los más grandes jugadores financieros del mundo”he adds Forbes.
The media also says the initiative will completely transform the country’s digital infrastructure by applying technological innovation. Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. necessary for the implementation of the project. “Investing in cryptocurrencies benefits millions of users, which even the opposition understood. Initially critical of the project, the parliamentary groups Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) voted in favor of supporting the best interest of the nation, to benefit from prosperity and stability”, indica Forbes.
Many industry figures from around the world shared the scoop of the Forbes , como el CEO de Binance, Changpeng Zhao.
Central African Republic embraces Bitcoin
The Central African Republic adopts #bitcoin .
– CZ changpeng Zhao (CZ) is the founder of crypto exchange Binance. ???? Binance (@cz_binance) April 24, 2022
But… we must put the information into perspective.
After the publication of Forbes, otros medios investigaron más sobre el proyecto de ley e indicaron que is not the same as in the case of El Salvador, country that did explicitly adopt Bitcoin como moneda de curso legal como el dólar.
For example, Cointelegraph reports that contrary to popular headlines, the African nation has not adopted BTC as legal tender, but reportedly, has legalized the use of cryptocurrencies in the financial markets.
It indicates that the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. law aims to establish an enabling environment for the inclusive growth of the cryptocurrency sector in the region, and would help solve the problem of increasing difficulties in sending money from the African nation.
The new law would reportedly allow merchants and businesses to make crypto payments and would also allow crypto tax payments through authorized entities.
The new crypto law has also made provisions for violators who break the laws. According to a report, violators could be jailed for up to 20 years and fined between 100 million to 1 billion FCFA francs. This is equivalent to about 164,000 to 1.6 million US dollars.
What the new law does involve
Gloire, the founder of Kiveclair, a refugee project inspired by Bitcoin Beach in the Congo, he explained the details of the new law and told Cointelegraph :
“The real implication for people is that they can now have access to currencies other than FCFA. (this is the local currency, the Central African Franc) while protected by law and transfer money at a lower cost. Above all, they can conduct financial transactions without banks (while being protected by law)”.
A total of 14 countries use the CFA franc pegged to the euro, printed in France, and its monetary policy is controlled by the Western powers. Although the official parity was set at 1 euro at 655.96 CFA francs, fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. money has been depleting in value for quite some time.
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