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Bitcoin’s First African Adopter Faces Backlash From Central Bank

  • Central African Republic’s move backfires on regional banks
  • The African nation adopted Bitcoin as legal tender last month


Photographer: Angel Garcia/Bloomberg

A regional central bank is clamping down on Bitcoin transactions after the Central African Republic adopted the cryptocurrency as legal tender without consulting its monetary authority.

The Bank of Central African States, which already doesn’t recognize cryptocurrencies, is now preventing all lenders from partnering with payment platforms that transact in digital currencies or from recognizing them as an asset.