Authorities in the poverty-stricken country said the country would adopt digital finance despite warnings from the International Monetary Fund (IMF).

According to Reuters news; The Central African Republic, which suffered great damage from years of internal conflict, took a surprise decision last month and became the first country in the African continent and the second in the world to accept Bitcoin as a legal payment instrument. The country's government is now preparing to take new steps to further strengthen this claim.

While the crypto money investment platform called SANGO is expected to be operational soon, the website has already been launched to attract investors. Investors interested in the Central African Republic's cryptocurrency investment platform can sign up for the waiting list on the website.

The Central African Republic's adoption of Bitcoin as its official currency last month was met with both surprise and reaction in global markets.

Central African Republic Crypto

Despite the low internet usage in the country and the lack of energy, the attempt to adopt Bitcoin was met with surprise by some commentators. The IMF, on the other hand, reacted to the country's adoption of Bitcoin.

The regional banking regulator of the Central African Economic and Monetary Community, of which 6 countries are members, reminded the Central African Republic of the ban on cryptocurrencies, expressing that the ban should be maintained in order to ensure financial stability.

President Faustin-Archange Touadera responded to the reactions by saying that the formal economy is no longer an option for them, and that the current global system does not give them a chance to compete.

Bitcoin Btc Regulation

Panama President seeks improvement of cryptocurrency bill

The Panamanian National Assembly passed a bill to regulate cryptocurrencies by a large majority in April. However, the bill did not pass the approval of Panama President Laurentino Cortizo to become law.

Cortizo said he would not approve the bill without definitive confirmations before him. The President expressed that his main concern is compliance with global anti-money laundering standards.

Laurentino Cortizo also announced that his legal team is reviewing the law and will follow their advice to pass or veto parts of the law. He added that Panama has a strong financial system and is in no rush to adopt cryptocurrencies.