Media outlets reported the Central African Republic unilaterally approved a bill to accept Bitcoin as legal tender over the weekend — this is not the case.

A false report by Forbes Monaco spread like wildfire on Saturday, April 23, with crypto outlets like CryptoPotato, BeInCrypto, and Indian business news site Business Today picking up the story.

The legislation was submitted and approved in the National Assembly, but the content of the bill acknowledges and supports the use of cryptocurrency in the financial sector, rather than adopting Bitcoin as a national currency.

“This initiative will completely transform the [CFA franc’s] digital infrastructure by applying the blockchain technological innovation necessary for the project’s implementation. Investing in cryptocurrencies benefits millions of users, which even the opposition understood,” the Forbes Monaco article claimed.

- CryptoPotato suggested that the CAR may be about to enjoy the benefits purportedly enjoyed by El Salvador.

- Business Today noted the apparent unanimous support from the National Assembly intended “to assist the country’s economic recovery and peacebuilding efforts.”

- BeInCrypto reported that the country’s officials agreed to use crypto to “boost” its failing economy and “generally digitize it.”

In reality, the CAR has passed a bill that will facilitate the growth of cryptocurrencies in the country as a form of payment. It will simultaneously provide a legal framework to regulate these digital assets.

However, the bill provoked strong reactions from the country’s opposition party. Three members of the commission that studied the bill submitted a letter voicing strong reservations. They specifically cited crypto’s potential use for money laundering, tax evasion, and fraud noted Radio France Internationale.

Interestingly, the bill proposes that Bitcoin and cryptocurrency will be used to circumvent the country’s national bank. Digital economy and telecoms minister Justin Gourna Zacko highlighted how the Bank of Central African States (BEAC) slows down remittance.

“As an individual, sending money to the Central African Republic from elsewhere becomes very difficult and also receiving money from the Central African Republic is complex because it is controlled, it goes through the Central Bank,” said Zacko

"With cryptocurrency, there is no more control of the Central Bank,” he continued.

The BEAC controls the monetary policy of several central African states including CAR, Cameroon, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo.

Further details of the bill and the proposed regulatory framework are currently unclear. Protos will update this story when the full text becomes available.

triple996:
But y fake news come de fly around nah