Topic: Bitcoin Legal Tender in Central African Republic - page 10. (Read 3553 times)

When you take into consideration that CAR is one of the poorest countries in the world where majority of people don't even have electricity, its obvious what was behind this decision to make Bitcoin legal tender.


State sponsored ICO..what could go wrong. 

I hope that now even most optimistic people will realize that Bitcoin adoption in countries like CAR is nothing but a pipe dream.

The website of the Sango platform has been launched, registration and KYC passage are also now available, but the purchase of Sango tokens is not yet available, they promise to inform you about the start of sales of Sango tokens soon. https://sango.org/

https://twitter.com/sangoproject/status/1547721016532619265

I hope you are embarking on a secret mission to Central African Republic. I would like to know if really the adoption of Bitcoin is just a political prank or indeed for economic purposes.This is because as an African I have so much expecting for the adoption of Bitcoin in that country. Ist success in CAR would be major boast to the adoption of Bitcoin in other countries in Africa. In fact I am sure that most African countries are just observing keenly the development in CAR. I pray CAR has the political will and economic determination like El Salvador.

The code phrase for all of what you just said is:  "fortune favors the brave"

https://twitter.com/cryptoparadyme/status/1547088449022222336?s=21&t=qU6YEY7z1zcgOPIKaj9CCA

I got the link from WO thread.

 





Furthermore, I am sorry to have to be the one to break OP sec and to leak one of the higher-ended angles of your operation.. .. but it is in the interest of the public and for your own good.

















Covert tactics of true shitcoiner fillippone revealed, by the breaker of bad newses. As far as I can tell.. the location is not even in CAR like fillippone had been proclaiming.  I think that might be part of the Coinbase angle of the "investigation," if we might even believe that.

I will wait for you really in a stable condition in accessing the network. Vacations are important to feel fresher to return to activities, right?
so it never hurts for me to wait for what information you will share. It was quite worth the wait.

Anyway, I'm very interested in what results are being talked about on bitcoinitaliapodcast Italy.

You have no idea where, in which conditions, and how I am writing these posts.
I am travelling on a secret mission…. Holidays.
Those kind of things require a certain tech setup.

I see what you did there.

Delay the more detailed information by a few days...


Profit.

 

Today on the Italian bitcoinitaliapodcast.it they did a pretty interesting wrapup of the CAR situation.
They cannot explain this 180 degree turn into the worst shitcoinery.
As soon as I will regain access to my usual tech gadgetry I will try to post a translation here.

I think Bitcoin will get legitimacy in all countries.
But the current Bitcoin market is very bad so there is no reason to be terrified. The future Bitcoin market will be much better.
Lastly, I would like to buy as much bitcoin as you can. The future can benefit a lot.

This is going to grow bigger, we are going to get a ton of nations who are all investing into bitcoin as well. Legal tender is a big deal, but what is even bigger deal is getting nations to invest.

Governments have tax income and that is 99.9% of the time bigger than any company in that nation, and that means that if more and more nations go in and invest into bitcoin, it would be money that not a single person could invest into, it would be a block of investors that would be deciding factor. It's risky of course because if they all decide to get out they could crash it hard but at the same time if they get in, they could make it go up super high at the same time as well.

Definitely Central African Republic is learning something pretty good from El-Savador's adoption and how they make not full dependency on the bitcoin adoption but also creates means to make good economic benefits out from the bitcoin adoption in their country, they have many plans in place in which through the bitcoin adoption can help increase their GDP, internal generated revenues IGR, in consideration with the introduction of their first world bitcoin tourist centre.

Now that Central African Republic is taking the moves in like manners to help increase active participation of their citizens with the use of bitcoin in their day to day economy is a bold step in consideration and they will make a better offers with benefits out of it, this action taken by CAR isn't a correction of their first move of adopting bitcoin but rather a continuation to progress thier adoption and make it available option for every of their citizens to make use of.

Their goal was never to actually adopt Bitcoin as a legal tender, they just wanted to ride the hype. And even if they really wanted to, they couldn't as they are on the the poorest countries in the world where majority of people don't even have electricity. Talk is cheap.


We are talking here about the country that doesn't even have basic infrastructure needed in order to adopt bitcoin on any scale so mass bitcoin adoption is nothing but a pipe dream. Can you image something as volatile as Bitcoin being used as a legal tender in country where people can't afford food on the regular basis? I don't.

Wow.. it is good to know that folks are watching this and paying attention.. and of course, CAR is such a small location that they do have a lot of potential problem areas. and they might need any help that they can get, while at the same time, there needs to be care in terms of foundational principles, otherwise they end up getting drug into some kind of shitcoin nonsense that claims to be about bitcoin but ends up with some kind of crazy confusion.... 

Bitcoin focused would seem to be the best case for any country for their first 3-5 years or longer into the scene.. and then if they could get established as bitcoin-focused then maybe after 3-5 years, it might be acceptable for them to dabble into shitcoins on a kind of minority level... perhaps? 

We saw the willingness of Panama to be more open to "crypto" assets too... even though their law seems to still be in its figuring it out stage, as compared with El Salvador that seems to be our best example so far of striving to be bitcoin-focused in its so far almost 1 year of bitcoin implementation.. still early.. that we are barely getting on 1 year with El Salvador's model/example regarding how to possibly "do it right."

And as time passes...


The mirage is slowly disappearing and instead of the beautiful oasis, you still get that hyena den full of the bones of the ones that believe in it.
I always said, no matter how you build something, no matter how bulletproof the concept is if the foundation is weak if the people who are building it are cheating on the materials and on the plan, you will not be able to build anything.
This whole trend of corrupt, poor as hell, bankrupt countries suddenly embracing BTC and wow, everything will be fine just because..

I laughed when there was that meeting in Salvador and everyone got angry when I said, those are the poorest countries in the world, those are the countries that have been driven to absolute poverty by the same leaders who are smiling there for photos after steeping from their limos and taking toast in front of a BATM, what do you expect from them?
Just because they are embracing BTC in their political statements do you think they will be less corrupt, they will lie less often, they will finally do something for their own people, the first time in 50 years just because.... what???

You need a solid foundation for a solid economy if the foundation is flawed to the core (insert pun about the fiasco of the bitcoin foundation here) nothing can help.

And look what we have here now, a centralized shitcoin backed by one of the worse companies, how is this shitcoin going to help anything other the pockets of its creators?

Apparently they are being directed in a wearing way:



Coinbase is shitcoinery.
I wrote above they needed advice on Bitcoin, and apprently they were easy prey for Coinbase on the road to shitcoinery.

An official 2nd country to adopt bitcoin as a legal tender. Well done to Central African Republic.

And now where the fun is being cut. For now, I'd say that let's just wait for everything in application and let's see where is this heading but making bitcoin as a legal tender then that's pretty good news.

Unlike the unshaken and practical political will of the government of El Salvador, the Central African Republic adoption of Bitcoin as a legal has been viewed in some quarters as lacking merit and credibility. The Sango website has been closed (just giving countdowns) and the online framework document cannot be found. The whole Bitcoin issue in CAR is becoming very complex and complicated to understand. The government of El Salvador has never sought for any alternative to Bitcoin which is contrary to the position of the Central African Republic position. Although the Law on the legalization of crypto doesn’t prohibit the introduction or use of other cryptocurrencies and the President claimed that Sango coin and Bitcoin would be used. But government’s introduction of its own Sango coin is seems like a conscious attempt to shift citizen’s attention away from Bitcoin. Instead of putting more effort for the uses of Bitcoin, government would rather promote its own coin that could be controlled and manipulated by the CAR government. The framework or operations of the sango coin might unveiled very soon.

Although the adoption of sango coin would still face the challenges that have marred the easy adoption and use of cryptocurrencies in CAR which includes lack of internet facilities, epileptic power supply, poverty, illiteracy, etc. It is important to state Bitcoin has no competitor in the cryptocurrency space and I don’t think there would ever be one. Regardless of the government efforts to make Sango a household name in CAR, Bitcoin would be massively adopted than the national coin.

Well this is just fresh news. There is no full story yet. But what do you guys think about this?


https://twitter.com/WatcherGuru/status/1543679296224608263

Is their goal slowly shifting away from Bitcoin as a legal tender to a government controlled coin?
Do you think the sango coin will receive mass adoption in the country?

I think they will have big problems with this idea. It is very important that some developing countries try such that in the future more developed countries, looking at their mistakes, will already make really good cryptoeconomics in their state.