The Central African Republic (CAR) adopted bitcoin as an official currency alongside its local currency, the CFA franc, the presidency announced on April 27.
The move sparked a backlash from the region’s central bank, the Bank of Central African States (BEAC), which manages the Central African CFA Franc common currency used by six countries: Cameroon, Central African Republic, Chad, Republic of Congo, Gabon and Equatorial Guinea.
In response to the move, BEAC issued a statement declaring the CAR’s adoption of the new cryptocurrency law “null and void” and in violation of the tenets of the regional bloc.
“This law suggests CAR aims at establishing a currency competing with or aiming at replacing the Central Africa Central Bank and the Franc CFA,” the statement said.
The IMF also raised concerns about the CAR’s decision, protesting that the move was made without consulting the regional economic union, the Central African Economic and Monetary Community (CEMAC).
Read More: Africa. Business
