Analysis-Bitcoin adoption by Central African Republic baffles cryptoverse

FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su//File Photo

BANGUI (Reuters) - Central African Republic's adoption of bitcoin, while many of the world's largest economies stay wary of it, has puzzled the cryptocurrency world and residents of the gold and diamond-producing country, and prompted caution from the IMF.

Using bitcoin, a digital currency that exists on a shared ledger across a global network of computers, to buy and sell goods and services relies on reliable, fast internet and widespread access to computers or smartphones.