Topic: Bitcoin Legal Tender in Central African Republic - page 13. (Read 3496 times)

The CAR Finance Minister tweeted to keep up the hype!



Not much revealed, but hopefully we will have something to cheer about soon!

To be honest, I see neither of those too negative, but more or less realistic. CAR has an enormous amount of problems, starting from their poor infrastructure (you will have issues paying with bitcoin in the country where ~90% of the people don't have electricity and Internet access), ongoing civil war to the fact that they are one of the poorest countries in the world where many people can't even afford food on the regular basis and if you are on a very tight budget even a slight change in bitcoin price might affect you greatly.

So yeah, I am extremely skeptical when it comes to CAR and their capability to implement bitcoin payment. Hell, their government doesn't even control their own country and is in power only due foreign mercenaries that are protecting them from the rebels. Its very easy to pass a law, but its a completely different thing to successfully implement it.

Did not expect that the central african republic became the first country in africa to legalize bitcoin, this is a good step to give its citizens freedom in transactions, i am sure there will be many positive things that we will hear in the central african republic after the government officially legalizes bitcoin.

One example here:

https://www.verdict.co.uk/car-bitcoin-doubtful-benefit/

Other articles are at the best, neutral:

https://www.bbc.com/news/world-africa-61248809

One difference that many analysts are pointing out is the fact that the CAR officials doesn't seems to have sufficient knowledge on how Bitcoin works. That was not the case with El Salvador, as the president (Nayib Bukele) was very knowledgeable and knew how to handle the initial hiccups. CAR is currently witnessing a bloody civil war, which has resulted in the deaths of thousands of people. Wagner PLC is also involved in the civil war since 2020 and this is one of the main concerns raised by bodies such as the IMF.

Just same post I made in WO thread yesterday having the same opinion :



There were some misconceptions that Panama also followed the legal tender approach but we can't say when it can also turn the tables on to make the third one.But I personally think that the list is going to be above 5 soon with small third world countries rising the flag for support in the first revolutionary phase.

The condition in CAR is much more worse than we can imagine and around 71% of the population is living under poverty lines and under these cases it's hard to even survive for your meals and btc is tough than we think.We all are bitcoin enthusiast but we still need ways to access it which is hard for these people.Like you need smart phone with internet access and keep you funds safe and affording this is really tough for them.

If you just googled pictures about it your heart will wrench seeing the condition and all this war has made people suffer even more and we know the context of African countries in poverty matters.There will be negativity or even protest by people but at some if government could frame good ways to utilise it and give people some access and some educational camps on how to use LN or keep your funds safe with some sort of free bonus to them.

But still it's challenging for the government to implement it under these conditions.The benefits they could get is many people don't have bank accounts and through bitcoin they can be their own banks but the volatility could affect them hard.Hope there are some revival and growth with bitcoin but there are problems prevailing bigger than it.

Good news because more and more countries are opening their doors to bitcoin, of course the republic of central africa has done a long study so that currently it is opening a tender for bitcoin legalization, i am optimistic that there will be many benefits that citizens can get and especially increasing welfare.

I haven't really noticed so much negativity in the media coverage (then again I read only couple of articles on the subject) but the fact that Central African Republic is one of the poorest countries in the world, with only ~11% people having access to the internet and the civil war that's been going on for 10 years now might be what makes people being skeptic about all this and i must say that I agree with them and I am skeptic about their capability to implement this.

They really have much bigger issues at their hand and it's not something that can be solved by bitcoin becoming legal tender, not even close and while El Salvador is not developed country, it's still in much better situation than CAR.

Looking at the market, I am quite surprised. The exchange rates actually went down after this announcement from CAR. The reaction was exactly the opposite of what we got, when El Salvador became the first sovereign member of the United Nations to declare Bitcoin as legal tender. I checked the mainstream media coverage as well. Whatever sparse coverage is there on this subject was overwhelmingly negative. Is there any specific reason why this happened? What makes CAR different from El Salvador?

from this ledger I see that there will be strong shocks in the bitcoin market in the future and of course the bitcoin market will show itself as a bullrun chart in the future. for now the market is still tilted down and not up, is there any ledger in africa that is still in the process of approval from various cabinets or has started issuing orders to adopt bitcoin to african citizens at this time.

perhaps from big country will legalize bitcoin soon , it will have big impact to market if there is superpower country will allowed it. so far still growth country that be the pioneer, and super power countries still fight with it due their interest for currency. more countries legalize it ,more crypto community will formed and give positive impact to demand.

In 2022 more and more countries legalized Bitcoin, and this made me optimistic that the future of Bitcoin would be increasingly shining, at the same time several countries were also tendering like Panama.

Absolutely. It's all about game theory and competitive advantage. Coming fourth or fifth adopting bitcoin is a move so much more intelligent than adopting when many more countries already have.

I do believe that this will have that exponential value for sure. The more nations that does this, the easier it will get for others to do it as well. Going from 0 to 1 was harder, as we can see 1 to 2 was easier, and I guarantee you that going from 10 to 12 will be even easier and 50 to 60 will be much simpler. We just need to wait, give it some time and we will see more and more nations join in eventually and that will be great for us.

Maybe one day the nation you live in will turn crypto into a legal tender and you will have a phone app that you could pay anywhere you go and every place will be forced to accept it because it is legal tender now and they are bound to accept it.

The IMF gives you money in certain conditions when you're obviously so much in debt nobody else is taking the risks.
What they do with this money is their own issue, and is two years after you signed an agreement with a warlord another one comes into power then another and another probably none of the original points are still valid nor would the last one in this chain care about it anymore.

When people blame the FMI for doing this they forget one thing, the FMI usually is used by countries that are already in deep financial problems caused mainly by poor management and corruption, and are already shunned by most international banks and lenders, statistically what would be the chance for somebody in that situation to make a huge recovery after taking more debt and spending like there is no tomorrow?
Whenever I see somebody rebelling against what the FMI imposed it's mainly the same, the FMI asked to cut expenses and reduce government personnel, but none of them does this in order to protect their relatives and voters' well-paid jobs.


This is one of the myths I've heard from a lot of east europeans when they joined the EU.
The EU wants to keep us poor so they could sell us their stuff.
If you would have a business in your village what would you like the others to be, unemployed people able to spend only their social welfare checks or well-paid employees that could empty your shelf with one wage?


The bad news:
Singer Akon's Senegalese 'Wakanda' city unstarted, locals left in dark
The really bad news:
Akon Accused Of Planning To Run Akon City As A “Ponzi Scheme”

I would be interested to know how the site of the rwandan genocide came to legalize bitcoin as legal tender. A region currently in a state of civil war. There must be an important story behind it that is worth knowing.

I hope bitcoin becoming legal tender will help citizens there elevate their quality of life.

What ever happened to akon city and promises to create a techno futuristic place in africa resembling wakanda from the black panther movie. Need updates on that.

If IMF know the solution to the economic woes of Africa and refuse to help them solve the problem then its wickedness. If they know the solution then they should assist Africa in surmounting them. Rather they give them loans that ends up in the pockets of their associates, agents and cronies. The truth is that they make more money from countries like CAR through loans and lopsided contracts. And this financial imperialists become scared when these nation begin to seek potential solutions to their economic challenges. That was why CAR government refused to inform the Bank of Central African States (BEAC) before they made bitcoin a legal tender because they would discourage them. This is because most African banks are under the influence of IMF.

With quite a good number of bad decisions made (including in my country) in the name of IMF, I don't think that they are best suited to say anything about panaceas.
Of course, banking people might call my words a heresy

And yeah, we've been expecting a reaction from them. I may say it has come pretty fast, actually (are they getting scared?)

We did see this coming: the inevitable IMF’s rant about another country adopting bitcoin as legal tender.

Bitcoin Not A Panacea For Africa's Economic Woes: IMF


Of course the CAR is topping every possibile corruption index worldwide, but I am just wondering how the IMF has spent all those dollars in that economy so far.
Honest question.

I believe this is great news for the crypto market.  Perhaps soon a coalition of other countries will legalize bitcoin around the world, which once again proves how amazing bitcoin can be and provides a true store of value.  We can be proud of this African nation - After a steady stream of FUD kicks, this news is creating a huge buzz.  More impetus for the whole market. Congrat BTC