On April 27, 2022, lawmakers in the Central African Republic unanimously approved legislation that made Bitcoin legal tender. Bitcoin can now be accepted alongside the CFA Franc. The CAR is one of six central African countries (Cameroon, Chad, Republic of Congo, Gabon and Equatorial Guinea ) that share the CFA franc — a regional currency that is backed by France and pegged to the Euro. Opposition leaders are apparently challenging the move and are concerned that it will under the CFA Franc.
El Salvador was the first country to adopt Bitcoin as legal tender, in June 2021 (click here). The IMF criticized that move out of fear of financial stability and integrity, as well as consumer protection. El Salvador also launched an app, called “Chivo Wallet,” which allows users to digitally trade both Bitcoin and Dollars without paying any transaction fees. As an incentive to adopt, citizens who downloaded this app received a $30 Bitcoin bonus from the government Interestingly, a recent study by the National Bureau of Economic Research found that only four out of ten Salvadorans who downloaded the Chivo Wallet said they still use it after obtaining the $30 incentive.
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David Zaslowsky
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David Zaslowsky is partner in the Litigation Department of Baker McKenzie's New York office. He helps companies solve complex commercial disputes in arbitration and litigation, especially those involving cross-border issues and Section 1782 discovery. David has a degree in computer science and, as a result, has worked on numerous technical-related disputes, including, most recently, those involving blockchain and artificial intelligence. In April 2025, Attorney Intel named David one of the top 25 blockchain lawyers in the country. He is the editor of the Firm's blockchain blog and co-editor of the firm's International Litigation & Arbitration Newsletter. David has been included for a number of years in the Chambers USA Guide and Chambers Global Guide for his expertise in international arbitration. He also sits as an arbitrator and is on the roster of arbitrators for a number of arbitral institutions. David sits on the Board and chairs the governance committee of the New York International Arbitration Center, and is a founding member of the International Arbitration Club of New York. For over 35 years, he has written and spoken often on the subjects of arbitration and international litigation.