The Central African Republic has become the world's second country to embrace bitcoin as legal cash, confirming reports that had been circulating for a few days.

The National Assembly passed and President Faustin Archange Touadera signed a bill authored by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo, according to a statement from his office.

The law provided a legal and regulatory framework for cryptocurrencies, as well as making Bitcoin (BTC) legal tender alongside the CFA franc.

"There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology," Finance Minister Herve Ndoba said last week, as quoted in Bloomberg.&nbsp;

"This time, we can actually say that our country is one step ahead."

The Central African Republic has a population of 4.83 million people, with roughly 11% having an internet connection.&nbsp;

El Salvador was the first country to recognise Bitcoin as legal cash less than a year ago.

Citizens of the Central American country were allowed to use the digital currency to pay for any good or service using a cyber wallet app, alongside the US dollar, which has been the official currency for the past two decades.

The International Monetary Fund (IMF) slammed the introduction.

It warned of "significant dangers connected with bitcoin's use in financial stability, financial integrity, and consumer protection," as well as the risks of issuing bitcoin-backed bonds.

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The Central African Republic has become the world's second country to embrace bitcoin as legal cash, confirming reports that had been circulating for a few days.

The Central African Republic has become the world's second country to embrace bitcoin as legal cash, confirming reports that had been circulating for a few days. The National Assembly passed and President Faustin Archange Touadera signed a bill authored by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo, according to a statement from his office. The law provided a legal and regulatory framework for cryptocurrencies, as well as making Bitcoin (BTC) legal tender alongside the CFA franc. "There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology," Finance Minister Herve Ndoba said last week, as quoted in Bloomberg. "This time, we can actually say that our country is one step ahead." The Central African Republic has a population of 4.83 million people, with roughly 11% having an internet connection. El Salvador was the first country to recognise Bitcoin as legal cash less than a year ago. Citizens of the Central American country were allowed to use the digital currency to pay for any good or service using a cyber wallet app, alongside the US dollar, which has been the official currency for the past two decades. The International Monetary Fund (IMF) slammed the introduction. It warned of "significant dangers connected with bitcoin's use in financial stability, financial integrity, and consumer protection," as well as the risks of issuing bitcoin-backed bonds. WATCH WION LIVE HERE (With inputs from agencies)

Central African Republic adopts bitcoin as legal currency

El&nbsp;Salvador's President Nayib Bukele said in a national address on Thursday that a recently passed law making bitcoin&nbsp;legal&nbsp;tender&nbsp;will take effect on&nbsp;Sept. 7, noting that its use will be optional.

El&nbsp;Salvador's Congress already approved Bukele's proposal to embrace the cryptocurrency, making&nbsp;El&nbsp;Salvador&nbsp;the first country in the world to adopt&nbsp;bitcoin&nbsp;as&nbsp;legal&nbsp;tender.

"The use of&nbsp;bitcoin&nbsp;will be optional, nobody will receive&nbsp;bitcoin&nbsp;if they don't want it... If someone receives a payment in&nbsp;bitcoin&nbsp;they can choose to automatically receive it in dollars," said Bukele.

Salaries and pensions will continue to be paid in U.S. dollars, said Bukele, without specifying if that included salaries paid to state workers and private sector employees.

<a href="https://www.wionews.com/world/covid-19-delta-variant-is-infecting-vaccinated-people-says-israel-393811">Also Read |&nbsp;COVID-19: Delta variant is infecting vaccinated people, says Israel</a>

Earlier in the day, Athena&nbsp;Bitcoin&nbsp;said it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in&nbsp;El&nbsp;Salvador, especially where residents receive remittances from abroad.

According to Athena&nbsp;Bitcoin's website, the ATMs can be used to buy&nbsp;bitcoins or sell them for cash.

"One of the reasons we passed the&nbsp;bitcoin&nbsp;law is precisely to help people who send remittances," said Bukele, adding the high costs of commissions traditionally associated with sending money home would be&nbsp;eliminated by using the cryptocurrency.

El&nbsp;Salvador&nbsp;relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion or around a fifth of gross domestic product (GDP) in 2019, one of the highest ratios in the world.

Less than 1% of the volume of global cross-border remittances are currently in cryptocurrency, according to Kenneth Suchoski, U.S payments and fintech analyst at Autonomous Research. But in the future crypto is expected to account for a larger slice of the more than $500 billion in global annual remittances.

El Salvador's President Nayib Bukele said in a national address on Thursday that a recently passed law making bitcoin legal tender will take effect on Sept. 7, noting that its use will be optional.

El Salvador's President Nayib Bukele said in a national address on Thursday that a recently passed law making bitcoin legal tender will take effect on Sept. 7, noting that its use will be optional. El Salvador's Congress already approved Bukele's proposal to embrace the cryptocurrency, making El Salvador the first country in the world to adopt bitcoin as legal tender. "The use of bitcoin will be optional, nobody will receive bitcoin if they don't want it... If someone receives a payment in bitcoin they can choose to automatically receive it in dollars," said Bukele. Salaries and pensions will continue to be paid in U.S. dollars, said Bukele, without specifying if that included salaries paid to state workers and private sector employees. Also Read | COVID-19: Delta variant is infecting vaccinated people, says Israel Earlier in the day, Athena Bitcoin said it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad. According to Athena Bitcoin's website, the ATMs can be used to buy bitcoins or sell them for cash. "One of the reasons we passed the bitcoin law is precisely to help people who send remittances," said Bukele, adding the high costs of commissions traditionally associated with sending money home would be eliminated by using the cryptocurrency. El Salvador relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion or around a fifth of gross domestic product (GDP) in 2019, one of the highest ratios in the world. Less than 1% of the volume of global cross-border remittances are currently in cryptocurrency, according to Kenneth Suchoski, U.S payments and fintech analyst at Autonomous Research. But in the future crypto is expected to account for a larger slice of the more than $500 billion in global annual remittances.

Bitcoin to become legal tender in El Salvador from September

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Central African Republic adopts bitcoin as legal currency

Bitcoin to become legal tender in El Salvador from September