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Central African Republic Adopts Bitcoin

Published on April 28, 2022
Current Context: The Central African Republic has adopted Bitcoin as a legal tender.
Central African Republic Adopts Bitcoin
  • Bitcoin (Cryptocurrency) is a decentralized currency with peer-to-peer networking running on a decentralized ledger. It does not have any regulator (central bank). The transaction is recorded in a ledger which is automatically maintained using the algorithm of the blockchain.
  • The central African Republic becomes the 2nd country after El-Salvador to adopt Bitcoin as the legal currency. The Central African Republic has an economy that is largely dependent upon tourism.
  • The World sees Bitcoin through the lens of suspicion because no regulator is present. The Indian Government has levied a 30 % tax on such transactions. A digital currency will be rolled out by 2023, in India.

Question:

Q.1 Which country has recently adopted Bitcoin as the legal currency?
a. Slovakia
b. Chad
c. Guinea
d. Central African Republic
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