Skip to main content

Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the Presidency

https://motleybloggers.com/wp-content/uploads/2022/04/central-african-republic-has-adopted-bitcoin-as-reference-currency-office-of-the-presidency.jpg

Following the confusion that surrounded initial reports, a senior staffer in the Central African Republic (CAR)’s presidency has now confirmed that bitcoin will become the country’s reference currency.


First Country in Africa to Officially Adopt Bitcoin


A press statement supposedly issued by the office of the Presidency of the Central African Republic (CAR) appeared to confirm reports by multiple media outlets suggesting that the bill passed by the National Assembly not only proposes to govern cryptocurrencies but recognizes bitcoin as a reference currency.


In a statement posted on Facebook, Obed Namsio, the chief of staff, said President Faustin Archange Touadera’s government will support all necessary efforts that allow the country to “carry out this approach that places the Central Africa Republic on the map of the most courageous and visionary countries in the world.”


Namsio said with this move the CAR had become the first country on the African continent to adopt bitcoin as a reference currency. Lauding the move, Namsio said:


We are going on a new path that will mark a new milestone for our country while being aware of the difficulties we will have to face to continue our mission.


The chief of staff’s statement, however, appeared to contradict an earlier report by Bloomberg suggesting the bill passed had only gone as far as to propose the creation of a cryptocurrency regulator.


Conflicting Reports


In the report, Hervé Ndoba, the minister in charge of finance and budget, is quoted insisting the CAR is not about to follow in the footsteps of El Salvador, which became the first country to introduce bitcoin as legal tender. Rather, the proposed legislation only seeks to establish a regulatory framework, the report quotes minister stating.


Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the PresidencyWhile the release of the French language statement is expected to end the confusion which followed the initial report which said the country had adopted bitcoin, Useful Tulips’ peer-to-peer bitcoin volume data starting in 2020 suggests interest in the crypto had been growing. In fact, by the end of September 2021, the CAR had, according to the data, become the country with the fifth-highest P2P volumes in Africa.



Bitcoin ‘Undefeated’


Meanwhile, the news and Namsio’s apparent confirmation of CAR’s decision have delighted players in the crypto community. In comments shared with MotleyBloggers.com News, Christos Krokides of ARK36, a crypto hedge fund, said:


“Bitcoin adoption continues undefeated by any geopolitical or financial global matters. Even in such uncertain times, the Central African Republic (CAR) adopted bitcoin as a legal tender marking yet another big step toward a global digital transformation. This initiative will completely transform the CAR’s digital infrastructure, which is now considered underdeveloped, by applying the blockchain technological innovation necessary for the project’s implementation.”


Ransu Salovaara, the CEO of Likvidi, said that as “bitcoin gets bigger and bigger, it will become also more stable and that will speed up the government level adaptation even more.”


However, others like Anthony Oduu, the co-founder and CTO at cross-border payment platform Verto, said a wider adoption of the crypto will depend on attitudes as well as how the country improves its infrastructure, elaborating:


“Country-wide adoption will be very much dependent upon the performance of infrastructure and locals’ attitudes towards the currency. The Central African Republic does not have the best standard of telecommunications and digital infrastructure. In 2021, internet penetration was around 10% and mobile connections were available to just 30% of the population.”


According to Oduu, the CAR needs to invest significantly in infrastructure in order to make digital currencies accessible to the entire population.


What are your thoughts on this story? Tell us what you think in the comments section below.



Origina post from
https://motleybloggers.com/central-african-republic-has-adopted-bitcoin-as-reference-currency-office-of-the-presidency/

Comments

Post a Comment

Popular posts from this blog

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this report, we relis
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionary, Daniel Pinchbeck, pointed out a
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-day Relative Strength Ind
Post a Comment
Read more