Pages:
Author

Topic: Bitcoin Legal Tender in Central African Republic - page 11. (Read 3490 times)

legendary
Activity: 798
Merit: 995
The government approach can help them spread awareness among them but how will they provide internet access to them as conditions are little better in El Salvador but still taking these big steps towards adoption are key to success in the long run.

Edited out

Quote
G: So we have on the one hand the most advanced technological financial, political, and social instrument ever and in the poorest state ever.

R: When asked how your citizens will use Bitcoin since there is no internet, the answer was very clear: initially the law is to give an economic opportunity to the state, because in fact the country does not have the infrastructure, but it is investing: 10,000 kilometres of optical fibre will be inaugurated in July. So they are investing a lot to bring the internet as fast as possible to the population. Obviously, it is not something that will be done in six months, it is something that will take years, but it is in progress so there is a willingness to invest. there is a lot of interest in Bitcoin mining at the state level. There is a hydroelectric and solar expansion program also finalized and certainly triggered by Bitcoin mining, in order to be able to mine Bitcoin for the Central Bank of the Central African Republic.

The issue of access to the internet is very important because it serves as the bedrock of Bitcoin transactions. But From the report of the BIP show delegates, the government is investing heavily on the internet to ensure that majority of its citizens have access to it. According to the SANGO initiative the government is establishing a Central African Backbone (CAB) internet interconnection that will power the entire CAR digital transformation. Although it would not be an instant achievement but if the government matches its lofty plans with necessary actions, Central African Republic would be a Bitcoin hub in few years.
legendary
Activity: 1960
Merit: 2124
I guess they were surprised. Generally speaking they are less prone to celebrating success of political initiatives. They have been wandering in El Salvador for almost two months, yet they are very skeptical about every political initiative.
Given the long track record in corruption and political ineptitude in CAR, I guess they are still sceptical about the future bitcoin law, but having this positive feedback from people familiar with the situation is a welcome news.
Implementation of bitcoin as legal tender in these countries is very hard job to do but they still find it as option to revive their economic conditions through it's usage is welcome step.You see there are lot of problems in CAR and people face poverty and war from a long time and most of them might not be familiar with what bitcoin is.The government approach can help them spread awareness among them but how will they provide internet access to them as conditions are little better in El Salvador but still taking these big steps towards adoption are key to success in the long run.

The government could give it a boost by investing some amounts at this time and storing it in treasury as an asset reserve which can be used at the time of price appreciation which will boost the funds and can take steps onto progress for the country but it will be hard task to achieve.
legendary
Activity: 2114
Merit: 15144
Fully fledged Merit Cycler - Golden Feather 22-23
Another good reportage from my friend at the BIP show.

You see the news of a delegation of Bitcoiner visiting the country.

Bienvenue à Bitcoin, Central African Republic! (https://galoy.io/bitcoiner-in-central-african-republic/)



Tho of the members of this delegation were "spies" of the BIP show. So they gave them a little feedback on their trip over there.

Here you have the translation.


The most important factor for the success of nations adopting Bitcoin as legal tender is political will. If the leaders are sincere and have no hidden agenda for the adoption of Bitcoin then the process would prosper.  Sincerity and seriousness would make them channel the necessary human, financial and material resources to ensure that the necessary systems and infrastructures are available for the smooth running of Bitcoin processes. From what I have read from the BIP show today, I believe or perceive that CAR have the political will. The country is drowning and is desperate to survive. They have been subjected to a brutal and heartless economic colonialism that have turned a country rich in profitable minerals to a beggarly nation. Hence they are willing to take any chance or risk. From the interview I can feel the desperation of the government of CAR. We know it would not be an easy and short journey, but the government is taking the right steps. Investing in Bitcoin education, infrastructures, internet facilities shows that the government is willing and serious to make Bitcoin a legal tender.
My fear is that politicians cannot be trusted and a change of government might lead to a change in government policy on Bitcoin. But for now I am celebrating this good news.              


I guess they were surprised. Generally speaking they are less prone to celebrating success of political initiatives. They have been wandering in El Salvador for almost two months, yet they are very skeptical about every political initiative.
Given the long track record in corruption and political ineptitude in CAR, I guess they are still sceptical about the future bitcoin law, but having this positive feedback from people familiar with the situation is a welcome news.
legendary
Activity: 798
Merit: 995
Another good reportage from my friend at the BIP show.

You see the news of a delegation of Bitcoiner visiting the country.

Bienvenue à Bitcoin, Central African Republic! (https://galoy.io/bitcoiner-in-central-african-republic/)



Tho of the members of this delegation were "spies" of the BIP show. So they gave them a little feedback on their trip over there.

Here you have the translation.


The most important factor for the success of nations adopting Bitcoin as legal tender is political will. If the leaders are sincere and have no hidden agenda for the adoption of Bitcoin then the process would prosper.  Sincerity and seriousness would make them channel the necessary human, financial and material resources to ensure that the necessary systems and infrastructures are available for the smooth running of Bitcoin processes. From what I have read from the BIP show today, I believe or perceive that CAR have the political will. The country is drowning and is desperate to survive. They have been subjected to a brutal and heartless economic colonialism that have turned a country rich in profitable minerals to a beggarly nation. Hence they are willing to take any chance or risk. From the interview I can feel the desperation of the government of CAR. We know it would not be an easy and short journey, but the government is taking the right steps. Investing in Bitcoin education, infrastructures, internet facilities shows that the government is willing and serious to make Bitcoin a legal tender.
My fear is that politicians cannot be trusted and a change of government might lead to a change in government policy on Bitcoin. But for now I am celebrating this good news.              
legendary
Activity: 2114
Merit: 15144
Fully fledged Merit Cycler - Golden Feather 22-23
Another good reportage from my friend at the BIP show.

You see the news of a delegation of Bitcoiner visiting the country.

Bienvenue à Bitcoin, Central African Republic!



Tho of the members of this delegation were "spies" of the BIP show. So they gave them a little feedback on their trip over there.

Here you have the translation.



Quote

Rikki: We have already spoken in recent weeks of the new state that has been added to the list of two states that have adopted Bitcoin and cryptocurrencies as Legal Tender, we are talking about the Central African Republic. We have some news in this regard because in recent days an international delegation of Bitcoiner went to Central Africa at the direct invitation of the country and therefore of the government to advise the executive precisely on how to set up the first steps to build this very special Legal Tender. Those who follow us know, we had expressed more than one perplexity, because the situation in central Africa is very different from what appears to be in El Salvador. Well you must know Guybrush that we are sprawling like the Specter by now, because of the delegation that was sent to Bangui, the capital of the Central African Republic, nestled secret agents of the Bitcoin Italia podcast

Guybrush: "So we have some secret information !?"

R: More than one Guybrush among other things, more than one, the well-informed say, there is a report by MI5, of the British secret services, which seems to denounce the fact that there was more than one secret agent of the Bitcoin Italia Podcast present, and therefore we have news of the first hand as they say fresh; and I must say that they are also good news, we must celebrate because I was in constant contact with friends, colleagues who were present at this meeting and who therefore met the president who received them about twenty minutes after landing in the capital, and they tell me to be a very cultured man, very focused, and who immediately expressed to them the absolute will to want to do something that could really be an opportunity for the country and also for the people. it was a formal meeting, but the first impression that President Faustin-Archange Touadéra made was very positive we must learn this name: Faustin-Archange Touadéra.

G:Wait for me to try to say it: Faustin-Archange Touadéra.

R: Guybrush exactly.
After that, there were several days, 4 total official meetings in which we talked about the peculiar characteristics of the Republic of Central Africa as a nation. The delegation met the Minister of Finance and all his entourage, who explained to him how in reality behind this thing there is really the will to want to free himself from the African Colonial Franco system because precisely they have described to us how their economy is totally dependent directly on France. Think Guybrush, I didn't know, but France decides the state budget. The Central African Republic has been entrusted with a budget of the equivalent of US $ 300 billion in Colonial Francs. For comparison, $ 300 billion is 5% of Cameroon's budget.
So we are really talking about a start for what are the needs of the State and they are there you understand: it is as if France gave them pocket money: "keep it, little child, these are your 5 Euros, buy the candies and make them last until next week".

G: Well you have to see the history of the Central African Republic, maybe it is tormented by dictatorships

R: But of course yes, we have also told it of course, but the fact remains that until proven otherwise it is a sovereign state that is still subjugated and that they told us once again not it is such a poor state, we have said it: very rich in gold reserves, rich in gold deposits. Too bad that according to the agreements made after independence 85% of its gold reserves must be deposited in the French Central Bank, in France!

G:Ok, here it is already and it looks more like a half robbery though ..

R:Without speaking of the fact, according to our sources the finance minister continues, that the colonial franc in the last 10 years has devalued by 50%, and therefore has lost a bit the role of stablecoin, let's say, that it could have had in the 80s, 90s, and 2000s, were compared to other hyperinflationary national currencies of African states maybe it gave more structure to an economy that was however so fragile, for 10 years in this part it began to be artificially devalued by the French Central Bank.

G: So the only one using by now that could have this colonial instrument has also failed.

R: The speech that was reported to me was of a disarming frankness, that is, the government's position is: we are in a position to be able and willing to try anything, because there is nothing worse than that, understood. There really isn't anything. Besides my contacts, I also shot something from there, they sent me pictures, and it is very striking that we are really talking about a state in great difficulty. Bangui, the capital, has been described to me as a 9 square kilometre slum that makes Rio's favelas look like a luxury resort. Outside the airport of the state capital, the roads are not even paved, the houses are little more than a shack. They also tried to go around alone, don't forget, but in short, it is something you certainly do during the day at rush hour, certainly not at night to go dancing. So a real situation… there were indeed people who used to travel a lot; it was described to me as by far the poorest and most impoverished place, even at the very first impact, that they have ever seen. People are used to living and working in developing countries, not people used to Dubai.

G: So we have on the one hand the most advanced technological financial, political, and social instrument ever and in the poorest state ever.

R: Exactly, but with so many ambitions to change course, to take off a yoke that has been suffocating it for decades. When asked how your citizens will use Bitcoin since there is no internet, the answer was very clear: initially the law is to give an economic opportunity to the state, because in fact the country does not have the infrastructure, but it is investing: 10,000 kilometres of optical fibre will be inaugurated in July. So they are investing a lot to bring the internet as fast as possible to the population. Obviously, it is not something that will be done in six months, it is something that will take years, but it is in progress so there is a willingness to invest. there is a lot of interest in Bitcoin mining at the state level. There is a hydroelectric and solar expansion program also finalized and certainly triggered by Bitcoin mining, in order to be able to mine Bitcoin for the Central Bank of the Central African Republic. So in my opinion this other very positive signal the thing that I have and I found really cool and that this delegation has been invited a whole series of appointments including the first day they met so this happened on Thursday they met a delegation of entrepreneurs to whom they showed the functioning of the Lightning Network Payment Wallet, arousing, they tell me, an incredible enthusiasm in the small to medium sellers who had come to see the event. And if sometimes the Lightning network is magic for us, imagine what it must be like for a small dealer in Central Africa. And then on Friday, a big event was organized in the conference room of the African Center for the Economy and for the CEMAC Monetary Community. Invited 400 representatives of government, industry, industry and attention, not an insignificant detail, not only from Central African Republic but also from Gabon, Cameroon, Chad, Republic of Congo and Equatorial Guinea, so beware, where this application has been asked to do a presentation on Bitcoin and to answer some questions, talking about the experiences already accumulated by El Salvador describing the fundamental characteristics of Bitcoin and above all the speech substantially could have been titled "there is Bitcoin and there are shitcoins". That is, from the beginning the warning was rightly clear: if you want to have the support of the international community in your project, you must be clear: the protocol is Bitcoin. And if you want to get caught by Algorand, by Cardano, by people who are worse than your criminals, go ahead, but your project will be able to count on the ridiculous communities of 50 people of those projects without a future and without technology.

G: So the road is long because as you said point out, even if only to improve the technological infrastructure on which the company is based, the internet will take years. It is nice to see that at least the road is long but it is the right one. Here is a question in this case, do you know if from our Insiders you know why in the text we read two months ago they were mentioned, it was not exactly clear, only Bitcoin but there were also cryptocurrencies, which wanted to keep the doors open for any ...

R: From this point of view, there was just an admission of guilt that is the message that these delegates received was clear: we don't know shit, we desperately want to try to spend this card because for us it can only be an opportunity, come to explain to us, come and train us, help us: may the Bitcoin community around the world gather around the Central African Republic because we are interested in this opportunity. The law is written badly because we are incompetent: help us to correct it!

G: Well, let's say that it is betting on the Bitcoin community as far as being part of it I can guarantee that 99% of the members are in good faith and will be able to seriously help this kind of request but there will be difficulties that compared to El Salvador are not negligible. That is, then you say and as you told, evidently in this case the adoption will be first from above. So let's say from the state that it will implement some infrastructure, some technology and then from there instead. But in El Salvador they tried to do the opposite: they tried to start making people with Wallets use the Lightning ATM these things here is an approach that must necessarily be different because two geopolitical contexts are completely different but at least we appreciate that the intention is that good.
Not just one last piece of news that I know of is a scoop, I haven't seen it reported yet by any press so we know it first at the Bitcoin Italia podcast. Do you remember that when I spoke of the Legal Tender in Central Africa I spoke of the fact that there were suspicions of involvement in the law by a well-known scammer Ponzi Scammer entrepreneur of Cameroonian origin. Just as the delegation was still in Central Africa on Saturday, it was arrested on the territory of Central Africa, jailed and charged with fraud.

G: Good! That's a good sign already. Are we talking about a coincidence?

R: I do not know. I don't know it is difficult to say this we must not delude ourselves we said we are talking about a state where corruption is endemic and therefore it is not that that was the only bad apple that surely gravitates around the centres, the ganglia of power, or perhaps sitting directly in Parliament. But here I have to tell you the truth: I heard from my friends before they embarked to go to visit the country and to say that they were sceptical was little. Upon returning, I felt enthusiastic about them, and this is a good sign.

In reality, I have always read great things almost everywhere about the President whose name I do not remember, but I will study him. he is very erudite, he has studied and he seems very intelligent, so probably having to deal with him gives you enthusiasm because it is really a project in which you really go to change the lives of the people of an entire state. Bitcoin can do this, it has the potential to do it. If maybe for us the mass adoption of Bitcoin could have a different meaning, in a state like the Central African Republic you come back thinking fuck, I'm doing something good for humans. Here the enthusiasm must be what was probably conveyed. And this is the hopeful intent of the president of the Central African Republic. So far from all the signals, you tell and that I have perceived it seems to me that this is the intention. We hope not to be disappointed.

No no in fact obviously the conditional is always a must. But let's say that I respect the fear I had in seeing Bitcoin badly managed in a corrupt republic. I was already seeing the headlines: "Here is Bitcoin is really a scam" because this is what happened in Central Africa I am quite reassured. However, we will continue to closely follow what happens in the country and then continue to follow us because by now we always tell you but here we hear about Bitcoin as I do not tell anyone in Italy guys even with news and very fresh first hand from the official delegations that work for Legal Tenders around the world. But when does it happen again, guys!


If you understand Italian, you can listen here, from 21:45.

S04E21 – In Tour
hero member
Activity: 742
Merit: 578
 I see this as a bold step indeed, because looking at them, it's only a select few who have bank accounts, but I feel this adoption would help encourage individuals to save. Although concerns have been raised over this cryptocurrency and it's low internet connectivity, still this move will spur economic growth and help stabilize the war- wracked country.
legendary
Activity: 798
Merit: 995
What remains to be seen is how many people in those two countries actually use bitcoin to pay their taxes and whatever else.

The law that legalized Bitcoin in Central African Republic grants companies and citizens the freedom or right to pay their taxes in Bitcoin, but CAR has many fundamental problems. Nine out of Ten people do not have internet, and only one in seven has electricity. And internet and electric bill are very high. Unlike El Salvador that has a growing number of individuals and businesses that are familiar with Bitcoin, CAR's population are highly ignorant of this currency. The governments can at-least mandate civil servant and government enterprises to pay tax in Bitcoin but most of them lack Bitcoin education.

Apart from other top challenges such as electricity, internet, security and infrastructures the most important task before CAR government is Bitcoin education. For CAR to succeed as a Bitcoin nation , majority of its inhabitants must become acquainted with the basics such as a bitcoin wallet, recovery phrases or a wallet’s public address. I think Central African Republic needs or the help and assistance. They need the assistance and partnership of key players in the Bitcoin industries such as cryptocurrency exchanges, payment processors, and wallet providers. They also need volunteers from Bitcoin Foundations and Nonprofit organizations that would engage in massive education of the nation’s population. If I have opportunity to be part of a volunteering team or organization I can give up-to four weeks free service in CAR. CAR is a big plus to the Bitcoin community but much work needs to be done.

Although all this will be possible if the government have the right intentions for adopting Bitcoin as a legal tender. 
legendary
Activity: 2114
Merit: 15144
Fully fledged Merit Cycler - Golden Feather 22-23

     Q: I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn’t this illegal?

    A: The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled “Legal tender,” which states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.”
<...>

As noted above, however, although no federal regulation requires businesses to accept currency and coins as payment, local regulations may do so. Massachusetts has had such a law in place since 1978, and New Jersey enacted similar legislation in 2019. A few cities (e.g., San Francisco, Philadelphia) have prohibited stores from going cashless as well.
[/quote]

At the end of the day, "legal tender" means you can pay your taxes with that currency. All other definitions are a little bit shacky. This is why we have those monstrosities like "legal tender de facto".
sr. member
Activity: 1526
Merit: 255
Good news because there will be a country that follows El Savador by legalizing Bitcoin, with facts like this so I do not hesitate and panic even though I see that the market is red, it's better to focus on continuing to buy because I'm sure many countries will soon follow the Republic of Central Africa.
hero member
Activity: 938
Merit: 938
Those of us who live within the borders of the United States must accept official U.S. legal tender for the payment of debts. I believe that this is the only meaning of 'legal tender'.
I snipped out the last part of your post, where it seems you were on the right track as to what "legal tender" means, but it doesn't mean merchants have to accept it; it means the government has to accept it for payment of whatever debts their citizens owe them (like taxes).  A merchant is well within its rights to only accept bitcoin if it wants to, or USD, or whatever (at least in the US).

I haven't read through this entire thread, but I read the first page and it isn't clear to me why this is a such a big deal.  Everyone here is heaping praise on CAR for this move, but such praise was also heaped on Microsoft, Dell, and other companies when they started accepting bitcoin--and then there wasn't exactly an outcry when they stopped, which CAR could also do.  El Salvador could also revoke bitcoin's legal tender status as well, so the skeptic in me isn't jumping for joy about this news. 

What remains to be seen is how many people in those two countries actually use bitcoin to pay their taxes and whatever else.

You're absolutely right.

But keep in mind that what you're referring to is federal law in the United States. States can have different laws. Here's an in depth answer that explains this:

     Q: I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn’t this illegal?

    A: The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled “Legal tender,” which states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.”

    This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

As noted above, however, although no federal regulation requires businesses to accept currency and coins as payment, local regulations may do so. Massachusetts has had such a law in place since 1978, and New Jersey enacted similar legislation in 2019. A few cities (e.g., San Francisco, Philadelphia) have prohibited stores from going cashless as well.
legendary
Activity: 3234
Merit: 6706
Proudly Cycling Merits for Foxpup
Those of us who live within the borders of the United States must accept official U.S. legal tender for the payment of debts. I believe that this is the only meaning of 'legal tender'.
I snipped out the last part of your post, where it seems you were on the right track as to what "legal tender" means, but it doesn't mean merchants have to accept it; it means the government has to accept it for payment of whatever debts their citizens owe them (like taxes).  A merchant is well within its rights to only accept bitcoin if it wants to, or USD, or whatever (at least in the US).

I haven't read through this entire thread, but I read the first page and it isn't clear to me why this is a such a big deal.  Everyone here is heaping praise on CAR for this move, but such praise was also heaped on Microsoft, Dell, and other companies when they started accepting bitcoin--and then there wasn't exactly an outcry when they stopped, which CAR could also do.  El Salvador could also revoke bitcoin's legal tender status as well, so the skeptic in me isn't jumping for joy about this news. 

What remains to be seen is how many people in those two countries actually use bitcoin to pay their taxes and whatever else.
hero member
Activity: 686
Merit: 527
To excel in every good thing
Total countries in the World: 195

Countries accepting bitcoin as legal tender in 2022:
1. El Salvador.
2. Central African Republic

Countries accepting bitcoin as legal tender in 2021:
1. El Salvador.

Countries accepting bitcoin as legal tender in 2020:
-

... I think we go up parabolic soon Smiley



When I got the information about Central African Republic accepting bitcoin as a legal tender I was delighted because when other African countries see the change and the impact bitcoin brings, they will all do same, here in Africa they always wanna see the usefulness of any project before starting it. The growth will be massive in few years to come.
legendary
Activity: 3864
Merit: 5806
Decentralization Maximalist
I was able to download the presentation from sango.org and also to get the secret code for the waiting list. The website is however not working very well, the secret code should however appear eventually.

I would be a bit cautious to prematurely write off the CAR adoption as an "exit scam attempt". Generally the items listed in the presentation make sense - e.g. the move is presented as a part of a more general digitalization strategy, with the Central African Backbone (a fiber-optic backbone project) and a World-Bank-funded digitalization program for the public sector being the base which could make Bitcoin adoption possible. A wallet and different investment incentives are mentioned, and it seems payment for some services provided by crypto investors could be done partly in natural resources like gold, uranium, diamonds or nickel.

One thing however is that they talk about a "Crypto Island", a proposed free economic zone. They also call it "Sango Island" in the presentation. I haven't found a Sango Island in the CAR, so it may be a new name (Sango is one of the official languages of the CAR and one of the predominant ethnic groups, so it looks more like a "trademark"-style name) for an existing island.

My question is: does anybody have information about which island is meant? I'm suspecting it's the Ile Bongo Soua just south of Bangui, as there are not really many islands in the country (according to Google Maps) and the other larger islands seem to be located in remote, almost unpopulated areas of the country. As the CAR is landlocked, there are only river islands, and only few of them are large enough to host really a free economic zone.

PS: Thinking again about it and looking again at the presentation, it may be possible that they're talking only about an "island" in the Metaverse, and the "estates" on this "island" may be backed by "normal" land in the CAR.

legendary
Activity: 798
Merit: 995
President Faustin-Archange Touadera without giving any clear investment plan or strategy announced that it is launching Africa’s first legal cryptocurrency investment hub called SANGO . He claimed that CAR is changing its former economic setup that was characterized by bureaucratic bottleneck which has hindered the country from competing with other economies. The government advised interested investors to sign up on the crypto initiative website to join the waitlist.

When I visited the website , I discovered that there is a skeletal investment plan. I clicked on the waitlist, inserted my email and country and joined the waitlist. A notification was sent to my email which instructed me to click on an icon to get secret code but the icon was not functioning. I am still expecting the secret code. The website also have a contribute section where your LinkedIn profile, business information and area of interest is required.

The SANGO initiative proposes to achieve the following:
1. Establish a comprehensive legal framework for cryptocurrencies
2. Build a Central African Backbone (CAB) internet interconnection that will power the entire CAR digital transformation
3. Allocate natural resources such as gold, diamond, uranium, iron ore, copper petroleum, etc to crypto projects
4. Build a Crypto Island that would be declared as crypto economic zone that would be powered by blockchain technology
5. Introduce a SANGO wallet to send, receive and store Bitcoin
For a comprehensive detail about the SANGO initiative you can click on the link

Although I am still skeptical about the workability of this lofty SANGO initiative but I will follow-up this project to ascertain its effectiveness and efficiency.  
legendary
Activity: 2114
Merit: 15144
Fully fledged Merit Cycler - Golden Feather 22-23
Some shady initiatives going on in CAR:

Central African Republic to launch bitcoin investment platform

Quote

BANGUI, May 24 (Reuters) - Central African Republic will launch the continent’s first legal cryptocurrency investment hub, the presidency said, extending the impoverished country’s embrace of digital finance despite words of caution from the International Monetary Fund.


This statement, together with the whole article, do not mean much to me. And thinking about the above post, looks like something made on purpouse to make the “exit scam” scenario more plausible.
Looking for a bitcoin adoption, it’s not a fiat gateway the first things that came to mind.

Edit:
Twitter update from our beloved President:


legendary
Activity: 2618
Merit: 1105
Tontogether | Save Smart & Win Big
Countries that adopt bitcoin wants it to function as a centralized system. They never let the true world functioning of bitcoin. I state this based on the recent news rolling out connective to the adoption of bitcoin by Panama. It was said that President needs to sign, but he has said he'll never sign the order until some additions were done connecting to AML policies. This is how people are made to fulfill KYC where everything gets lost of using bitcoin.
hero member
Activity: 2646
Merit: 588
★Bitvest.io★ Play Plinko or Invest!
Sadly, centralised forms of power tend to adopt every possible measure to self preserve, irrespective of the interest of other (legitimate) stakeholders.
Bitcoin should act like a relentless market force, used to overcome such limitations by attrition.
When you see the orange coin being enacted as legal tender with a Law, an act of the very same institution that has the most to lose from Bit pin itself, you should ask yourself in which interest such a decision has been taken.
I would guess that this was taken so that they could get some taxes and make some money, that seems like the most common possibility and why most other nations have made it legal tender as well and they are putting some bitcoin as reserve currency as well.

This means that CAR is actually doing something like getting as much bitcoin as possible, from taxes or from investments or reserve currency or whatever and with a ton of bitcoins in their treasury, they will end up with a lot of leverage in the future when bitcoin goes up, they could even get a loan from somewhere when they show the value of the bitcoin as a collateral and would make it better.

Definitely, when they decide to have this financial commitment towards BTC, they already laid out the positive impact that may do to their system.
They won't resort to this option if they are not seeing positive repercussion to their financial system.
Because they can always go back to where they are if this consideration is not showing any good to their economy.
So maybe couple of years from now, we will see what will be the influence of exploring in crypto to their economic status.
legendary
Activity: 2464
Merit: 1073
Sadly, centralised forms of power tend to adopt every possible measure to self preserve, irrespective of the interest of other (legitimate) stakeholders.
Bitcoin should act like a relentless market force, used to overcome such limitations by attrition.
When you see the orange coin being enacted as legal tender with a Law, an act of the very same institution that has the most to lose from Bit pin itself, you should ask yourself in which interest such a decision has been taken.
I would guess that this was taken so that they could get some taxes and make some money, that seems like the most common possibility and why most other nations have made it legal tender as well and they are putting some bitcoin as reserve currency as well.

This means that CAR is actually doing something like getting as much bitcoin as possible, from taxes or from investments or reserve currency or whatever and with a ton of bitcoins in their treasury, they will end up with a lot of leverage in the future when bitcoin goes up, they could even get a loan from somewhere when they show the value of the bitcoin as a collateral and would make it better.
legendary
Activity: 2114
Merit: 15144
Fully fledged Merit Cycler - Golden Feather 22-23
This discussion between Guybrush and Rikki is a terrifying eye-opener. Although I have some reservations but government using Bitcoin as a means to undo it's own people is sad. When I read an article that the reason for the adoption of Bitcoin in Central African Republic was to undermine the CFA- the French backed currency. This is because there have been a fierce scrabbling for control of the country because of its rich resources between Russia and France. But I thought it was another propaganda by anti- Bitcoin forces. The Russian military mercenary Wagner have been helping CAR fight or repel the constant attack of rebels. Some writer argued that Bitcoin was adopted CAR to help Russia invade sanctions from the international community. Let's see how it goes in the future.

Sadly, centralised forms of power tend to adopt every possible measure to self preserve, irrespective of the interest of other (legitimate) stakeholders.
Bitcoin should act like a relentless market force, used to overcome such limitations by attrition.
When you see the orange coin being enacted as legal tender with a Law, an act of the very same institution that has the most to lose from Bit pin itself, you should ask yourself in which interest such a decision has been taken.
 
legendary
Activity: 798
Merit: 995
This discussion between Guybrush and Rikki is a terrifying eye-opener. Although I have some reservations but government using Bitcoin as a means to undo it's own people is sad. When I read an article that the reason for the adoption of Bitcoin in Central African Republic was to undermine the CFA- the French backed currency. This is because there have been a fierce scrabbling for control of the country because of its rich resources between Russia and France. But I thought it was another propaganda by anti- Bitcoin forces. The Russian military mercenary Wagner have been helping CAR fight or repel the constant attack of rebels. Some writer argued that Bitcoin was adopted CAR to help Russia invade sanctions from the international community. Let's see how it goes in the future.
Pages:
Jump to: