Bitcoin Legal Tender in Central African Republic - page 15.

DdmrDdmr

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There are now a few thread around on the matter in different boards, as one would expect, and one of the posts has a link to this thread which I’ve just followed.

I’m still not convinced of the authenticity of neither of the documents seen here so far. They are indeed being echoed by the media, but trying to find an official source to either is a chimera, and I kind of end-up on someone’s Twitter as a source behind articles here and there, which is not what we’d like to see.

This is what I was looking into:

Quote from: DdmrDdmr on April 27, 2022, 12:24:10 PM

There is still a lot of confusion on this matter, with recent headlines still stating that bitcoin has indeed become legal tender in the country. There are some alleged documents around that back this, although, as far as I’ve been able to see, there is still doubt on their authenticity:

1) Alleged official press release:
https://twitter.com/AnitaPosch/status/1519209997212819456

The tweet does not state where the poster got the document from. It also cast’s a doubt as to whether it is in effect, or planned to be in effect.

Google lens translation: https://twitter.com/bluefish_79/status/1519245407854989314
(likely not too precise -> i.e. "establishes bitcoin as the official currency" should, in any case be "establishes bitcoin as an official currency")

2) Alleged crypto law for the CAR:
https://twitter.com/FxEnablers/status/1519270144555507713

Note that it seems incomplete (despite the poster labelling it as complete), and looks like a regulation of crypto in any case, and not specific to bitcoin.

Both the above are being echoed by the media (and me now), although I’m substantially sceptical about the authenticity of either until I see it in an official media (as opposed to someone’s sourceless tweet).

Of course, having abandoned the usage of some of the official communication channels does not help whatsoever (unless they’ve changed them and Google still show old ones here and there):
https://twitter.com/GouvCF
http://gouv.cf/

The latter seems to be one of the issues here in relation to finding a reliable source. If the above are indeed the official government channels (Google and Wikipedia thought so), then they are essentially abandoned, so it gets even harder to verify the source of the information ...

Disruptivas

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It's so amazing! It's been really beautiful to watch this adoption and all the amazing news happen ''in the bear market''. And of all the reasons that make me extremely happy to read this news, I think the biggest one is that adoption starts with ''renegade countries''. The fact that it is the countries far from the TOP developed/GDP is something incredible that provides a unique opportunity for the insurgency. And in the end, it's the same story of Bitcoin adoption by populations of countries without big opportunities.

hugeblack

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I tried to gather more information to find out why a country like the Central African Republic adopted Bitcoin as a Legal Tender, but I did not find many logical reasons for that, for example lets start with the status of the Internet:

There are about 2.31 million mobile connections, a percentage that increased by (+11%) between January 2019 and January 2020.
The percentage of Internet use represents about 14% in January 2020, which is not a very high percentage for Bitcoin growth.

You can read more about this and the resources here ---> https://datareportal.com/reports/digital-2020-central-african-republic

Let's move on to the political situation: It seems that the country is being run under a military rule by President Faustin-Archange Touadera^[1]. The country does not seem politically stable.

Source --> https://www.theglobaleconomy.com/Central-African-Republic/wb_political_stability/

I also see some articles about the Russian Wagner Group^[2], which may be the real reason for the adoption of Bitcoin is to facilitate international trade between this country and some other groups.

[1] https://en.wikipedia.org/wiki/Faustin-Archange_Touad%C3%A9ra
[2] https://www.bbc.com/news/world-africa-59699350

Z-tight

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Central African Republic is not the biggest country in the world, but the news is still a big one. It did not take too long from when El Salvador took a similar step for the number to add up again, and now another country is welcoming Bitcoin to be a legal tender, now i would be curious to see how the citizens of this country responds to this official statement. I am sure Anti-Bitcoin governments would blast their decision like they did in El Salvador's case, only because they do not want the growth of Bitcoin to continue, though it would not change anything, that i am sure of. This are baby steps in terms of the kind of countries that are making Bitcoin a legal tender, but a mass adoption has to start from somewhere, and all of these could well be the spark leading up to Bitcoin mass adoption.

Quote from: stompix on April 27, 2022, 10:27:55 AM

So it is finally acknowledged to be legal tender and not legalized currency or a means of payment, the news over the last few days has been all over the place.

Is a legal tender not a 'legalized currency' and medium of payment.

stompix

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So it is finally acknowledged to be legal tender and not legalized currency or a means of payment, the news over the last few days has been all over the place.

Quote from: NeuroticFish on April 27, 2022, 09:19:08 AM

This is wonderful news, unless I am missing something: the first country having its own currency (CFA) and still adopting Bitcoin.

Not so much their "own" currency more like the euro model but on top of that with a pegged currency, I don't know how this could have even worked, but looking at the economy of those countries, yeah it didn't.

Quote from: aysg76 on April 27, 2022, 09:27:13 AM

For visibility here is legislation in the text :

Excuse my french but doesn't that thing make all cryptocurrencies legal tender? There is no bitcoin there it's just cryptocurrency as far as I'm reading.

Quote from: aysg76 on April 27, 2022, 09:27:13 AM

The CAR is also having the same condition where the country is dominated by the US dollar for trade off and buying/selling of stuff so you see they find an opportunity to free from the chains of USD through this bitcoin and providing people with decentralised control of their funds and ownership of funds to them.

They have their currency pegged to the Euro, their imports come from Europe mainly, and their exports to China and the EU, why would they even consider using the $ and not the Euro for example?

Doan9269

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Quote

The Central African Republic has adopted bitcoin as legal tender, https://www.msn.com/en-us/news/world/central-african-republic-adopts-bitcoin-as-legal-currency/ar-AAWEdfe

Not untill i come across this official statement stating it adoption as a legal tender do i believe, well i congratulate the country toward this drastic decision amidst it current economic and political challenges and i want to believe that this will create a remarkable inference to to the country and Africa at large, but honestly this comes as a surprise because i never expected such from them and why is because its one of the salient countries in Africa when it comes to bitcoin and cryptocurrency at large and country like Nigeria having the highest adoption of users in Africa doesn't make a move in this manner, i see Central African Republic doing well and will for once regret their decision.

TheBeardedBaby

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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

aysg76

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That's great to see another country taking one step ahead by legalising bitcoin in the country.There were some past rumours that Sub-Saharan African country will accept it or not but they have sorted out it soon by framing the legal framework for it and passing the bill and now are officially second country after El Salvador where bitcoin is legal tender.

This statement is quite attacking for those developed nations who think that these third world countries cannot compete with them and they can dominate them with fiat suppression but they are taking big and early moves for the country:

Quote

There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Finance Minister Herve Ndoba said last week, as quoted in Bloomberg. “This time, we can actually say that our country is one step ahead.”

Quote

This move places the Central African Republic on the map of the world's boldest and most visionary countries," he declared.

The CAR is also having the same condition where the country is dominated by the US dollar for trade off and buying/selling of stuff so you see they find an opportunity to free from the chains of USD through this bitcoin and providing people with decentralised control of their funds and ownership of funds to them.

But you see the IMF will again intervene in this matter and give out some lame reasons and stop their help if they don't take this back as we have already seen this drama because they can't lend any loans to these country incurring heavy debt on them and keeping them under their hand like puppets move.Like in El Salvador case they said this :

Quote

The introduction was heavily criticised by the International Monetary Fund (IMF).

It warned of "large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection" and with issuing bitcoin-backed bonds.

But you could also see the economic conditions of the country as around 618 CFA franc are equal to 1$ which is huge difference and they will never be able to grow under such circumstances but bitcoin could give them a little boost ending this domination.

There is also regulatory framework for the working of crypto assets in African Republic and you can check it out here

For visibility here is legislation in the text :

But you see the population is around 4.83 million and only 11% of them access to the internet and this must be challenging for the government to implement bitcoin system as even for LN channels you will need to have it and will sew forward how the people react to this decision as there were many protest in the El Salvador against this decision also.But you see there is always second option of fiat with you but bitcoin is best if you understand it.

Most of the population is living in poverty cricis and per capita income is way too low and the main problem is accessible internet and devices for bitcoin usage so you see it's challenging and hard situation there.But the government have taken bold step and will see forward how things went here.

NeuroticFish

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This is wonderful news, unless I am missing something: the first country having its own currency (CFA) and still adopting Bitcoin.
...Shame that it's a country with still ongoing civil war. It will give ammo to various naysayers.

fillippone

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Another Country Adopted Bitcoin as a Legal Tender.

Central African Republic adopts bitcoin as legal currency

Quote

The Central African Republic has adopted bitcoin as legal tender, the president's office said Wednesday, becoming the second country in the world to do so behind El Salvador.

Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement.

The CAR "is the first country in Africa to adopt bitcoin as legal tender," Namsio said.

"This move places the Central African Republic on the map of the world's boldest and most visionary countries," he declared.

This is the official document:

Translation for your convenience:

Quote

PRESIDENCE OF THE REPUBLIC
DIRECTION OF CABINET NP:009/PR/DIRCAB/22.

CENTRAFRICAN REPUBLIC
DIGNITY-UNITY-WORK

PRESS RELEASE

The President of the Republic, Head of State, Professor Faustin Archange TOUADERA took note with satisfaction and enthusiasm of the unanimous decision of the National Assembly relating to the bill which establishes the legal framework which governs crypto-currencies and establishes Bitcoin as the official currency in the Central African Republic. The adoption of Bitcoin as an official currency represents a decisive step in opening up new opportunities for our country.

Through this historic decision, the economic recovery and peacebuilding plan is entering a new phase and the Executive is demonstrating consistency in the application of the agenda which provides for the achievement of strong and inclusive growth for the benefits of development and economic performance, which ultimately will generate prosperity for our fellow citizens.

The President of the Republic, Head of State will support all the necessary efforts, in compliance with the law, in order to complete this process which places the Central African Republic on the map of the most courageous and visionary countries in the world, to everything that means and implies the acceptance of cryptocurrencies as means of payment. The Central African Republic is not only the first country in Africa to adopt Bitcoin as a benchmark currency but also the first country in the world to unanimously adopt the bill that governs cryptocurrency. We are setting out on a new path that will mark a new stage for our country while being aware of the difficulties that we will have to face to pursue our mission.

In a progressive, forward-looking vision, our Nation must be able to pursue its destiny and join the ranks of those who not only fully understand the importance of Blockchain technology but also hasten to legislate.

Our priority is to think about how the lives of our fellow citizens will change and about the means necessary to create a stable and prosperous economy. We must do everything in our power for the common good, bearing in mind the heritage that we have a duty to leave to future generations.

Done in Bangui, April 26, 2022

The Minister of State, Director of the Office of the President
OBED Namsio

Here Following the Complete Text of the Law:

Here you can find the law in Google Format, for readability and ease of use.


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