Along with El Salvador, the Central African Republic, one of the two countries in the world that declared it as the legal unit of Bitcoin, has turned. The country repealed the law that accepted Bitcoin as the official currency. Thus, El Salvador was left as the only country waving the BTC flag.
The Central African Republic became the second country to remove all barriers to Bitcoin in April 2022, and passed a law that recognized Bitcoin as a legal payment instrument and defined it as an official currency. However, one year was enough for the country to revert from this decision, which made a lot of noise in the world.
According to Cenralbankin’s report, the Central African Republic, which repealed the law that officially accepted Bitcoin as a means of payment, has thus brought limitations to crypto money again. According to the newly introduced legal regulation, some reference values will now be valid in the Central African Republic so that citizens can voluntarily use it and accept it as a means of payment.
BTC Flag in Nayib Bukele’s Hands
Thus, after Bitcoin fighters El Salvador and the Central African Republic, especially in the expected new bull market, BTC lost a big front while discussing which country will join these countries.
Of course, the emphasis on the “great front” is actually just a symbolic expression. Because in practice, although official acceptance took place in the Central African Republic, the level of individual acceptance was not quite realized for the economic actors of the country. The statements of international institutions (especially the United Nations) showing a golden stick after the Bitcoin move in the African country, which was struggling with crises and in recovery efforts, caused the economic parties in the country to stay away from cryptocurrencies in their economic activities. Thus, while the Bitcoin-Central African Republic love is coming to an end for now, it has gone down in history as the only example in history where institutional acceptance is ahead of individual acceptance.
