Central African Republic , Adopts Bitcoin As Legal Tender.
CNBC reports that the country has become the second in the world to do so.
El Salvador was the first country to adopt bitcoin as legal tender last year.
CNBC reports that the Central African Republic's parliament unanimously voted to legalize bitcoin and other cryptocurrencies.
Obed Namsio, chief of staff to President Faustin-Archange Touadera, .
Said the move is "a decisive step toward opening up new opportunities for our country.".
According to the World Bank, the Central African Republic is one of the poorest and least-developed countries on the planet.
.
While the move to adopt bitcoin in the country has been praised by many, the cryptocurrency remains volatile and is often seen as controversial.
.
Some experts even fear Russia may attempt to evade sanctions by using cryptocurrencies.
CNBC reports that the Central African Republic is a close ally of Russia.
CNBC reports that the Central African Republic is a close ally of Russia.
Still, others see cryptocurrency as a way for small countries to reduce their dependence on the American dollar when it comes to global trade.
The U.S. dollar has also been the global oil currency for over 70 years.
.
Oil dependence is a major issue now, because of the Ukraine and the SWIFT banking ban, so global, unstoppable cryptocurrencies like bitcoin can really shine, Ransu Salovaara, CEO of crypto platform Likvidi, via CNBC
