Connect with us

VenturesNow

Like El Salvador, Central African Republic passes law to make Bitcoin legal tender

Published

on

The National Assembly in the Central African Republic has passed a law to accept Bitcoin as legal tender. Thus, going the way of El Salvador who became the first country in the world to accept Bitcoin as legal tender on September 7, 2021.

The country’s minister of finance and budget, Calixte Nganongo, along with Gourna Zacko, minister of the Digital Economy, Postal Services, and Telecommunications, initiated and introduced the legislation establishing the legal framework for cryptocurrency regulation in the Central African Republic, as well as Bitcoin as an official currency.

One of the main knocks against cryptocurrency has always been that it will never gain universal adoption, meaning its usefulness will always be limited.

The law to make the digital currency legal tender in CAR was unanimously supported by the National Assembly to assist the country’s economic recovery and peacebuilding efforts.

The recent move by CAR is against odds, particularly in Africa where some governments have decisively frowned at the use of digital currencies. For instance, in Nigeria, in February last year, the Central Bank of Nigeria (CBN) directed all banks to desist from transacting in and with entities dealing in cryptocurrency. The bank also directed banks to close accounts of persons or entities involved in cryptocurrency transactions within their systems.

Will other African countries follow the path of CAR to adopt cryptocurrencies? Time will tell.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

VenturesNow

Nigerien President, Mohamed Bazoum wants employment quotas for African immigrants

Published

on

Niger’s President Mohamed Bazoum wants employment quotas for African immigrants tailored to job needs from European countries.

President Bazoum made the position in an interview with an Italian newspaper, La Repubblica. on Friday.

The president’s argument is that the quota will address European countries’ needs for its labour market and could help resolve the problem of illegal migration and human trafficking.

“In France, Spain, and Italy you have many jobs in sectors of employment where Africans can work,” Bazoum said.

“These numbers need to be established, country by country, and then the consulates entrusted with the responsibility of enforcing them.”

Surveys of African migrants in or heading toward Europe reveal that the majority were either employed or in school at the time of their departure. Yet, they felt despair over their economic prospects.

Continue Reading

VenturesNow

IMF Chief, Ceyla Pazarbasioglu, to visit China over Africa’s growing debt profile

Published

on

As the debt profile of many African countries continues to rise, the International Monetary Fund strategy chief, Ceyla Pazarbasioglu will travel to China next week for another high-level meeting.

Her travel is part of efforts to press the world’s largest sovereign creditor for quicker progress on debt restructurings for countries in need.

The IMF chief had called for debt restructuring arrangements for Zambia and Chad to be completed shortly.

Pazarbasioglu said it was critical to move forward and that “outreach to China next week is very important, at the highest levels.”

“It’s moving – very slowly, but it’s moving,” Pazarbasioglu said, noting that the participation of mining company Glencore Plc in the Chad treatment was also “a very good sign” that “even the most difficult private sector participants” were participating.

She said the Paris Club of official bilateral creditors had taken years to hammer out their debt relief processes, and China was learning, although she noted that the debt issues facing borrowing countries now were acute.

“The problem we have is that we don’t have that time right now because these countries are very fragile and dealing with debt vulnerabilities,” she said. “What we need is speed.”

Pazarbasioglu said the IMF would continue to press for changes to the Common Framework, including a freeze in debt payments when countries apply for a debt treatment, as well as clearer procedures and timelines for action, and ensuring comparable treatment for private creditors.

Continue Reading

EDITOR’S PICK

Musings From Abroad9 hours ago

CLIMATE CHANGE: Germany to sign climate protection contracts with industries

As the cry towards a green environment intensifies amidst the increasing effects of climate change, Germany is taking a lead...

Metro1 day ago

South African serial rapist gets four life imprisonment terms

A South African serial rapist and killer, Philani Justice Nkosi, has been sentenced to four life imprisonment terms by a...

Politics1 day ago

Like Mali, Burkina Faso junta suspends France’s RFI radio over broadcast of militant speech

West African country, Burkina Faso, has gone the way of its neighbour, Mali, as its ruling junta has suspended the...

Culture1 day ago

Egypt discovers Greco-Roman funeral building dating back centuries

The Egyptian Ministry of Tourism and Antiquities has announced the discovery of a massive Greco-Roman massive funeral building in Fayoum...

Metro1 day ago

Tanzanian court sentences 11 people to death for killing South African conservationist

A Tanzanian High Court has sentenced 11 people to death after they were found guilty of killing a South African...

Metro1 day ago

South African serial rapist gets four life imprisonment terms

A South African serial rapist and killer, Philani Justice Nkosi, has been sentenced to four life imprisonment terms by a...

Tech1 day ago

Ex-Jumia executives set to launch new e-commerce platform, Kapu

A couple of former executives of e-commerce giant, Jumia, have teamed up to float a new company to be known...

Sports1 day ago

Ghana coach, Otto Addo, resigns after World Cup ouster

Black Stars of Ghana coach, Otto Addo, has resigned following the team’s World Cup group stage elimination after suffering a...

Strictly Personal1 day ago

When the lenders come calling, govt will do worse than Nalule by Joachim Buwembo

When the now 40-year-old Gertrude Nalule lost her husband in a car crash a couple of years back, a bleak...

Sports2 days ago

Qatar 2022: Gallant Cameroon crash out of World Cup despite beating Brazil 1-0

The Indomitable Lions of Cameroon created another football upset when they became the first African team to defeat Brazil at...

Trending