Topic: Bitcoin Legal Tender in Central African Republic - page 14. (Read 3496 times)

Bitcoin is liberty => Check my avatar text

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When El Salvador did it, it was said that it's because they don't have a currency of theirs. And Today Central Africa that has her own currency has done it. What do we call it.
Bitcoin is making the wave and Bitcoin will conquer.
The big countries will be speculating while the poor countries will take the early spot.

Please someone should tell CAR to learn from the mistakes of El Salvador and do something different. Create a Bitcoin city in the country, and experiment what ever bonds or any business with bitcoin while still allowing fiat.
When the people see the goodness of bitcoin, they will all queue in.

Multi-million but, half of the GDP of Maderia, there I could see at least tourist spending coins, it could be the same thing for Salvador which still has 10x the GDP but in CAR, I have no clue who will actually use it as a legal tender and not as an investment.


I think it's about time for you to be wrong about these
I mean lately, you have proven a bit too much news to be fake or exaggeration, we need something to be real for once, it was getting really annoying with all those big news proven to be nothing the other day. So despite thinking the same as you two days ago and being suspicious right now I'm cheering for fillippone on this.


Yeah, let's blame it all on the evil Europeans, Morroco has nowhere near the resources CAR has, it still uses a pegged currency to the euro and $ and it has a GDP per capita 10 times that of Central Africa.
So maybe the problem is somewhere else.

I believe the country lack's finance so embarrassing bitcoin in time of financial crises and need are one of the major concerns for Bitcoin creation. Economy of this country should be in a bad shape.
As Bitcoin has stood in the time of COVID-19 Outbreak, Russia/Ukraine War, now they're currently in a civil war!
A good move for an under- developed country! Although will this push the massive bitcoin adoption ?
Countries like United States, Russia, and China needs too first in my own opinion.

The Twitter account seems legit, and the press release is actually a post made from the president’s account, which makes it as official as we’re going to get with the press release.

Going over the bill posted in the OP, and Google translating some of the articles, it does seem rather vague. Moreover, it pivots around the term "cryptocurrencies" and not specifically on "bitcoin", which seems like an exceedingly lose way of making only bitcoin legal tender.


Article 10 seems exceedingly broad is scope (I mean "cryptocurrencies") and mandatory, although then it is followed by articles 11 and 21. Article 21 is necessary in light of the fact that the country has an internet penetration of only only 7,1%.

Note: I don’t have a Facebook, which was a handicap in this case.

We are just starting up a new era in the evolution of money take it with the grain of salt, This News is huge for the entire industry as another country is having Bitcoin as legal tender.
The moment we're are having about 10 more countries make Bitcoin a legal tender that's when I think we're likely gonna see a dramatic move of adoption by more countries because this is the future of money, no matter how reluctant they become to adopt this technology and where we are heading to.

There were news about this but were not spread widely that's why some were just thinking its just a rumor. But its confirmed already. Whats next to this action, are they also going to  airdrop BTC to wallets?


Its a big country in terms of its land resources, the population is smaller than El Salvador but I think because they are located in the center, they have the trade routes in every direction. They would have to use their resources again, they are rich with it like the minerals including crude oil which other countries doesn't have.

Wow, Jesus Christ, this looks like a real thing and not a fake news. I read the title of the topic and assumed it was a fake one but turns out it is real. I didn't believe it at first because I believed that it would be known way way before, like I would have heard about it on news like how it happened with El Salvador.

I think they attacked El Salvador at first because of the legal tender deal, and it backfired on them so much that they do not even made this into news everywhere like that one so that it wouldn't get heard. This legal tender situation is becoming bigger, if we get even just one decent sized nation to do this, it is going to change the world.

The Central African Republic becomes the first country in Africa to adopt bitcoin as its legal tender alongside its national currency, the CFA franc. Although CAR is one of the poorest countries in the world but they see bitcoin as a new opportunity to improve the economy of their nation. It is indeed a bold and visionary move because CAR took this decision without consulting the Bank of Central African States (BEAC), the regional bank that controls the currency of 6 Central African countries. Two of the country’s former prime ministers had expressed serious concern about the adoption of bitcoin as a legal tender without permission from BEAC. The government of CAR understands that most African banks are under Neo-colonialism and are manipulated by imperial powers led by the World Bank and IMF, hence, they decided to take this bold step without their approval. The spokesman of the BEAC confirmed that they heard of the new law on cryptocurrency in Central African Republic at the same time as the public. If CAR government had informed them, BEAC and IMF would have done everything possible to stop them.

This is a bold first step and I am sure that other obstacles such as low internet users, unstable power supply and high rate of illiteracy that might affect the implementation of this policy would be gradually defeated. I am also sure that other African countries would be able to see the economic independence and freedom that is inherent in the adoption of bitcoin and free themselves from the financial shackles and chains of their colonial masters.


https://punchng.com/central-african-republic-adopts-bitcoin-as-legal-currency/
https://www.aljazeera.com/economy/2022/4/27/bitcoin-is-now-official-currency-in-central-african-republic

I added a few links toward a couple of good essays about the CFA franc.

This monetary union has seen a lot of criticism for the absolute imbalance of powers toward France, who actually used this economic zone as a weapon to increase their influence on Africa.

True Sovereignty? The CFA Franc and French Influence in West and Central Africa
Fabric of Reform Cover The Fabric of Reform

Maybe, they are seeing positive impact on the economy of El Salvador or they are also testing the integration of bitcoin in their financial system. Anyway, they can always go back to where it was if they see no improvement or progress in their system. But if they will see some advancements, I guess more countries will adopt this initiative. The more of them, more demand in the market and so better for the price of bitcoin.

Wow, this decision is really bold and surprising for the African Republic to take this bold step to adopt Bitcoin as a legal currency in this country. This is the second country in the world to take this bold step. I expect more countries to join in adopting Bitcoin as a legal currency soon, The striking thing about this is that countries that adopt bitcoin as a legal currency have economic problems, and this gives a good impression that these countries find solutions to their economic problems in adopting bitcoin.

I was just starting to dig into this, as the Bitcoin Magazine article mentioned the document appeared on the President Touadera Facebook account.
Well, I went and checked.
https://www.facebook.com/profile.php?id=100075608221248
Maybe there are more accounts, but I didn't find anything on this one and the other I could find. And all look pretty different from what you would expect from a President of any Republic.

I found this on Twitter, but of course, I couldn't assess it's authenticity:


But Following the Previous post I found a reference for the website:

https://www.facebook.com/PresidenceCentrafriqueOfficiel/posts/305888361698320

On this Page I found the Bitcoin Lex I found in the Op.
But the Link on the official Government site links to another  Facebook Profile:
https://www.facebook.com/gouv.cf/

This Facebook is still updated, and we are updated on the fact that the First Minister is just back from an IMF visit to Washington.

Good development. I hope the country only allow true cryptocurrencies, or just simply stick to Bitcoin alone for now until other cryptocurrencies become truely decentralized and safe. Not a good idea to legalize scams and abominations

Wow, I must say I did not expect this move. There've been multiple countries discussed from time to time as potential adopters, but Central African Republic wasn't the one I've seen among them. It's a country with a solid multi-million population, and it's not an adoption in a special economic zone or by a particular region, which is very cool. And a unanimous decision by the lawmakers is a nice addition because it means crypto adoption is hardly debatable there because there's consensus on the matter. Perhaps this will motivate other countries in the region?