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Last year, the Central American country El Salvador, became the first nation in the world to adopt Bitcoin as a legal tender. According to reports, another country has followed in the footsteps of El Salvador and has officially accepted the flagship crypto asset.
The said country is the Central African Republic, which is now the world’s second country to legalize the crypto king.
The Central African Republic (CAR) faces some economic challenges, however, the purpose of accepting BTC is to improve the economy of the country and the lives of the citizens. This can be achieved as digital assets are speculated to offer financial independence and more financial opportunities.
Bitcoin is indeed one of the best cryptocurrencies to invest in as it is the largest one in the world. Even though it goes through price fluctuations, its utility and value remain the same.
BTC has been struggling to soar higher than the $40k price mark and is currently trading at $39,413 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price of Bitcoin over the last 24 hours.
If you are also looking to invest in the flagship digital asset then make sure you know how to buy Bitcoin with minimum inconveniences.
On the other hand, if you are looking to leverage trade Bitcoin up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
Central African Republic Adopts BTC
The Central African Republic has become the first country in Africa to adopt the crypto king as a legal tender. The bill to legalize Bitcoin was signed by President Faustin Archange Touadera.
According to the bill, the CFA Franc has also been adopted as a legal tender and the use of digital assets has been legalized in the country.
Obed Namsio, the chief of staff in CAR, stated:
“CAR is the first country in Africa to adopt bitcoin as legal tender. This move places the Central African Republic on the map of the world’s boldest and most visionary countries,”
The country has a total population of 6 million people who will be presented with new opportunities, thanks to the adoption of Bitcoin, according to Namsio.
The Central African Republic already had a bleak financial situation, according to the World Bank, which only became worse because of the COVID-19 pandemic. Since then the local government began working on changing the economic trajectory of the country. The adoption and legalization of crypto assets are anticipated to help the country achieve that.
However, the finance minister has specified that CAR is not looking to copy El Salvador and how the country adopted BTC. In fact, the legislation will define how CAR citizens can use and interact with cryptocurrencies and more.
Bitcoin has indeed made its mark in the world and its value is being recognized more and more each day. If you are also looking to invest in the crypto king then make sure you opt for one of the best Bitcoin exchanges.
Helpful Tips for New Crypto Investors
Bitcoin is the most prominent crypto asset in the world, however, its price can sometimes be very volatile. Despite this fact, the long-term investors and traders are familiar with its unperturbed value in the long run.
This makes Bitcoin one of the best digital assets to invest in. However, there are a few aspects new investors need to be familiar with before they start buying BTC or any other crypto asset.
Here are the helpful tips novice crypto investors need to know.
- Keep an eye on the price movement of the digital asset you want to buy.
- Choose the lowest fee Bitcoin exchange.
- Begin by investing as much as you can afford to lose.
If you are a new crypto investor and interested in buying Bitcoin then you can click on SwissBorg or Kraken (U.S. citizens).
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