Topic: Bitcoin Legal Tender in Central African Republic - page 6. (Read 3553 times)

In case of CAR at least they didn't replaced their forex reserves with cryptocurrency. El Salvador regime did that and  suffered huge losses as a result of that. Despite the announcement to make Bitcoin as legal tender in Central African Republic, the adoption never took off in a big way. Unlike the case with El Salvador, the population in CAR has limited access to mobile internet. Also the government has been very slow in finalizing the formalities. Here is a tweet from President Faustin-Archange Touadera, regarding the draft cryptocurrency bill which is yet to be tabled:

https://twitter.com/FA_Touadera/status/1616430057580367875

The approach from CAR is more cautious, while El Salvador was overly aggressive.

1. maybe because most of the sources were in French, so we weren't able to get so much English news outlets reporting the story

2 CAR is a very less popular country, so many people won't here a lot of news about it.

But the story actually checks out. If you can translate French, here you go


Tweet contains somes documents in french - https://twitter.com/KongoGaetan/status/1638895853913137157

It's said that there were threats from the French Central Bank.

Ok.  I had just heard about that thread, so I just looked through it, and I am not going to claim to be any expert on the topic of either location or even making accurate comparison/contrasts, but still seems to me that Bukele had been (and continues to be) way the fuck more focused on bitcoin, and there was a lot of information that seemed to show that the CAR was all over the place in terms of their using the word bitcoin, but not really having any kind of comprehensive program that focused on bitcoin, so they were seeming to out do themselves by adding a variety of non-bitcoin focuses.

Of course, words and actions make differences in terms of what might be being said and what is being done and the extent to which any kinds of developments are realistic given the circumstances of any particular country.. the same is true with individuals.. each of us do not necessarily have the resources to approach our investment in bitcoin in the same way, but we still are likely way better served when we attempt to match our actions with our actual capabilities, and sure of course, any government that is needing to announce what it is doing or even attempting to attract funding has different kinds of complications as compared with what individuals usually are doing.


Fair enough.. I don't proclaim to know all of the various relationships (prior debts, allegiances, partnerships or whatever), even though I do recall seeing some of the early reports that IMF/World Bank did not like what CAR was doing... but I am forgetting some of the details at the moment.


Of course every country has to deal with their own particulars, and surely it could be that CAR had bitten off more than they could chew in terms of both being able to put forth some policies and practices that would be workable for them and to be able to have some amount of staying power too.. .. So yeah if the news is true, then it does seem like a bit of a flip-flopping, yet I doubt that very many bitcoiners had been taking them very seriously anyhow in terms of their supposedly being "bitcoin focused."  They seemed to have quite a few shitcoin ideas in whatever they were planning to do and what they were doing too.


Sure some countries have way fewer resources than others, just like individuals are not equally situated either.  Bitcoin is designed in such a way that anyone can get into it, and the smallest and poorest country has way the fuck more resources than a lot of normal people (even though they also have more responsibilities than individuals, too).

None of us are likely in any kind of a position to figure out exactly the details of any government, similar to our inability to figure out the details of other individuals, even if they tell us several of their details.  Yet, in any event, there are still likely quite a few ways that any country should be able to figure out some kind of a reasonable and meaningful way to build their bitcoin position, rather than going into bitcoin like some kind of a drunk gambling sailor and degenerately betting it all of it on black.

Similar things are true for individuals, and there are ways that individuals could invest into bitcoin at $10 per month or something that works for them, but they should have their cashflow figured out in order that they know that they can afford $10 per month and that their investment might be tied up for several years 4-10 years or longer.  Governments likely have to figure out their budget, and sure maybe they are confused about how much they have or various obligations that they might have, yet even with El Salvador, at some point a couple of months ago, Bukele said that El Salvador would be buying 1 BTC per day.. .. So surely there is a point that has to be figured out in order to have some ideas regarding whether that is a good use of government funds or not... and surely with governments, there is not ONLY the possibility of buying bitcoin itself, but there are also a variety of support systems that might need to be considered and/or enhanced in order to follow through with a statement that includes the promotion of bitcoin.. and yeah of course, CAR seemed to have a wee bit less focus than El Salvador, and perhaps their leaders had forgotten to sufficiently and adequately don their laser eyes in order to stay focused on bitcoin rather than getting caught up in other seemingly shitcoin-related focuses.. ?  Maybe they had not realized that bitcoin and crypto are not the same thing? and they have to learn what the fuck bitcoin is first, before proclaiming that they were "getting involved in bitcoin?"   

King daddy don't give no shits about people, institutions, or even countries, if they don't figure out ways to protect themselves and perhaps to get into bitcoin incrementally rather than trying to either gamble with bitcoin or to confuse affinity scams for the real deal (which means that sometimes there are projects that are holding themselves out as if they are bitcoin or they are like bitcoin, and anyone, whether an individual, institution and/or a government, is likely going to get fucked if they cannot sufficiently/adequately figure out what is bitcoin and what is some kind of a bitcoin imitator.)

Beside pressure from IMF and world world bank, one of the major obstacles towards adoption of Bitcoin is its high level of volatility which can make it difficult for businesses and individuals to adopt it as method of payment. Additionally, lack of necessary  infrastructure and resources  in many Asian and African countries to support mass adoption, which could further impede its wide spread use.

This news is two days old and no other news outlet have reported this news except the website centralbanking.com. I am sure that this kind of news would have gotten a wide coverage because many anti-bitcoin forces would have ensured that it occupies the front pages of most newspapers. Maybe after the President assent to the bill, it might get the right publicity if the news is genuine.

The economy of CAR is very fragile and prone to external manipulation mainly from France. Maybe the couldn't withstand the pressure from these external forces. Nevertheless, it was nice having them as one of the nations promoting Bitcoin and I wish the well.

I made a topic about this back in February:
What's happening in The Central African Republic?

Got zero traction, and nobody had a clue what was happening there, probably since the president is not every day on Twitter with laser eyes nobody gave a damn, just like Salvador seems like every single small country that does something for Bitcoin doesn't have a single user on this board as I haven't been able to find anyone from either Salvador or CAR on this forum to date,


As far as I manage to get from limited sources it was the ECCAS, and things got very muddy from there on.
It's some sort of economic union a bit like the EU, no, they don't all use the much-hated CAF, and the one members that opposed it are weirdly situated by any criteria, there isn't any real pattern whatsoever if anything, they are all more indebted to China than the IMF, the DRG is one of the Chinese strongholds in the area both in investment and debt and they were one of the against vote.

Hahahaha

They probably got a lot of pressure (and maybe bribed or bullied) by the IMF and the world bank.

Sorry for the bump but I thought this update could very much well fit in this topic

It's the only news article sating that Central African Republic made a U-turn on bitcoin being their legal tender. unfortunately the article has a paywall on it, so it's not possible to read the whole story.

I have tried to use way back machine, but I am unable to bypass the paywall  - https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender


This is what part of it says


Quite unfortunate, especially during the time when most banks and national currencies are on the verge of a complete collapse.

My bad but I thought, just asking, maybe had a change of mind, the project is still going, maybe he's not a maximalist anymore!
Eh, common, you know I was just teasing you 


I'll just quote this, as this is one thing everyone else also needs to understand.
To make money you have to put money first, good, we have an ICO, but those guys are investing because they want that money to grow, so how are you going to invest this in such a way that not only you will recover the investment, you will pay your investors returns, your people will benefit from it, you will build also things that don't give back immediate returns, like infrastructure, and much, much more?

And if somebody has already an answer for this, then the following obvious question arises:
Then, if all they needed was money, what the actual f^%$ stopped them for 20 years to borrow some and build this infrastructure and all of it?


I got used to this from the Salvador topic.
Everyone was cheering about how great it is how they would move there, how they would open a business there, how they would move to get away from taxes, and we still have to rely on some bloggers outside the forum to get info despite all of it.

Just like a shop accepting bitcoin, everyone is cheering, when I asked them if they bought something they are all like, my precious bitcoins, there is no way I'm spending them when they will be 100k in a year. Nealy everyone wants adoption usage and the rest to be done by the others, while they get rich by holding and tweeting.
 

Well, quoting myself
So no, I only signed up for the newsletter, to know about the state and the ideas of the project, if it's really that negative like you and others write. And for now you've a point due to the big lack of transparency.

I'll however continue to follow the state of adoption of crypto/Bitcoin in the CAR. I think if done well it would be an opportunity for the country. For now it's not looking that good, but they can still get it right. For example, I would approve the E-residency plans, but not the resource/land grabbing opportunities. The problem may be that the country is so undeveloped that it may feel pressured to offer "something" to the investors, and land/gold/other natural resources seemed the "easiest" way to do so.

Take into account that the CAR is the first or second poorest country in the world. If becoming a regional Bitcoin hub could help it to reach a level of, let's say El Salvador or even their neighbor Cameroon now, then they would actually have achieved a lot. What's positive is that a digital infrastructure program is also underway, so they'll have decent Internet in few years. Of course, the seemingly still ongoing - on a lower scale than before - civil war in several regions is a big problem.

I'd however also be interested in your question if someone of this forum invested in Sango Coin.

Hmm, so my dead Sango friend  , does this mean you're a Sango investor or you just signed up for the newsletter?
Asking this because knowing the others around here that have made weekly tasks in praising this project like it's the most revolutionary thing ever about their investment I would surely hear only crickets.
Thinking about it, has anyone here actually bought some of those coins?

Checking the project page, the flow of money has gone down dramatically, from $300k in 25 days before as in my previous post to just $70k in ~26, so an enormous decrease in funding.
At 3k a day investment I don't see any of this happening:



Well, maybe except for the river and the second tree from the left.


Did you support Maduro and his petro coin also? Just asking! 

The last weekend, I got an E-mail from the Sango project - with title "Dear Sango Friend", which is already pointing out some bad news happened - and indeed it was informing me that the Sango project suffered a setback in late August (I'm a bit surprised this still hasn't been mentioned in this thread):


At least the crypto project as a whole seems to be legit:


I don't consider that decision 008/CC/22 that bad - it shows that the Central African Republic shows at least some rule of law. And the parts of Sango project it rejected are just those which are really controversial and looked like the country was willing to "sell out" some of its resources.

The Sango E-Mail newsletter also pointed out that due to this decision, there may be legal changes and maybe even a reform of the articles of the Constitution to allow to continue the project.

However, it's not very trustworthy that they inform you only two weeks after this decision by the Constitutional Court (I then searched the web, and there were some articles about it, for example at Reuters or also Coindesk.) And on their website, nothing hints at the decision - E-residency and resource grabbing is still being mentioned. I'm not an investor but if I was, then I would be upset.

The Reuters article has some additional info:

I continue to view the crypto-adoption project in the CAR as positive, but: Transparency of this project must dramatically improve if it wants to succeed!

confirmed truth, if it had not been bitcoin then it's not decentralized by any means, I think i begin to get some fishing truth about what's actually happening with Central African Republic here, their president went ahead having a meeting with CZ Binance CEO himself, a person who is an accomodator of all manners of coin to share in his ideas base on his years of experience, when Bukele is there that could have been a good mentor to that, so i never get surprised when they come up with a dirty idea of introducing something new aside bitcoin because i knew where that idea could have been coming from.

I see that the determination of taxation in each country is different in every program that is run, so this also doesn't have to be equated between taxes in the African Republic and other countries. Because tax proceeds are things that will also be used into the country and also for the welfare of citizens through every thing needed by citizens such as infrastructure development and also the development of all services.

Support will come, when they are able to expand the reach of electricity and internet throughout the Central African Republic, so that the people there will get the same rights as citizens.
The president has offered a solution in the sangoe project, but it has not yet been maximized, because the two things I mentioned have not been completed.

Tax revenue applies when the program has been running well, this is a mechanism after implementation, so that things related to taxes can be enjoyed again by the community. Regardless of any difficulties, but they need to work together to build what is planned

When someone encounters a problem, what should be brought is the solution to solve the problem. If the problem experienced is over, the person will always be remembered for all time.
Faustin-Archange Touadéra's good plan should gain the support of his own people as the main capital of carrying out his vision of bringing the country's economic prosperity through Sango. Then the support of countries within the African continent is also very important to make this a success.

Imagine that when faustin-Archange Touadéra's efforts succeeded in accordance with the goal, the Central African Republic would become a country that could rebuild the shortcomings currently experienced. Of course, state revenue can also be increased through taxes that will be set and income from taxes received by the state also returns to the people with the infrastructure built.
To get to a better path is certainly not easy.

At least the steps taken by the President have become capital for the future, opposition will always exist in realizing anything, but I think the people are accepting requests now, it's only a matter of time?

that's the next challenge they have to do, so that the sense of security that they present to everyone can be guaranteed, this only covers rural areas where there are still rebellions as you mean, there is no impossibility when the state begins to take good steps to prepare progress for its citizens, issues This kind of thing doesn't need to be developed, because it will further narrow the room for progress for them

In terms of technology and infrastructure, it is still not adequate for all corners of the Central African Republic at this time, moreover, the Central African Republic has also had problems with rebels who very often disrupt the security of the Central African Republic so that the convenience of living and technological developments are clearly not fully developed there.

I don't think that's the only thing that must be realized, but the security of the country from rebels must also be thoroughly cleaned so that the implementation of Bitcoin there becomes better over time. And everyone can comfortably use it for every need while building infrastructure and also equipping equipment that isn't already there.

It must also be remembered that we must support Faustin-Archange Touadéra efforts to be able to make its citizens happy like Touadéra's goal of making Sango a historical dent of the nation and continent as he wrote on twitter. Because if this works, then the existing shortcomings as you mentioned can be resolved.

Surely there will be those who will oppose the efforts of the President of Touadéra in this regard, not those who are from outside the country, from people who are close to Faustin-Archange Touadéra have already reminded him, but he still insists that his efforts will not be in vain.

We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

But it must be remembered, that this country is still lagging behind in terms of technology and infrastructure, from the population you mentioned, there are still quite a lot that have not been touched by technology, this is a challenge for the Central African Republic, so that this idea can be implemented according to their wishes.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.