Quote from: Catenaccio on February 25, 2025, 02:47:15 AM

Quote from: Botnake on February 23, 2025, 12:16:35 PM

The Central African Republic (CAR) previously declared Bitcoin as legal tender, but that is no longer the case. The decision was later reversed, and Bitcoin is no longer officially recognized as legal tender in the country.

CAR to drop crypto as legal tender

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The Central African Republic’s parliament has repealed legislation that gave bitcoin and other cryptocurrencies legal tender status. A new law amends an April 2022 statute that proved controversial among the CAR’s partners in the Economic and Monetary Community of Central Africa.

Thank you for the information on Central African Republic and their change in Bitcoin legal tender policy.

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As of now, El Salvador remains the only country that has declared Bitcoin as legal tender. However, there’s a new development, due to pressure from the IMF, businesses in the country are no longer required to accept Bitcoin as payment. While it’s still legal tender, it’s no longer compulsory for businesses to accept it.

It is not big change pratically because businesses in El Salvador years ago told in many interviews that they were not happy with Bitcoin Legal Tender. Very little bussinesses especially small ones were ready to receive bitcoin and hold it for a while because of Bitcoin high volatility that can cause quick loss in their bussiness treasuries. They are small bussinesses and are vulnerable to high volatility of Bitcoin in short term. Very few small bussinesses are ready to hold bitcoin as Bitcoin investors and holders but they did not have solid plan on converting bitcoin to fiat currency or stable coin quickly to avoid price changes.

Personally, I don't recommend bitcoin for small business owners who are likely to sell and buy within short period of time. But if you have a large business that could secure some emergency funds to be use in the running of the business while some of your profits are kept on long term bitcoin holding conditions that would be fine. The volatility of bitcoin doesn't play too well on small business that is why I don't recommend bitcoin for trading. It's better off to use USDT tether or any other stable coin for business transactions than using bitcoin. Well nobody is compelled to use bitcoin for business so it's a choice when you find out about its volatility it better to change your mind.