Topic: First African country adopts Bitcoin as official currency (Read 687 times)
The acceptance of the Bitcoin trading system is increasing day by day all over the world and slowly but surely different countries are recognizing its use in their transactions. It's a decent and positive thing for Bitcoin, however a hard choice for Central Africa. Prior to reporting Bitcoin as authority money, they ought to embrace it with full authorization. Every one of the residents ought to be mindful of the gamble of interest in Bitcoin. They should be acquainted with how to utilize it and how it fills in also. Simply tolerating Bitcoin as a lawful delicate for an emerging nation won't change the economy there. Be that as it may, hopefully for positive developments.
The third world countries are realising the fact that their fiat is not going to help them a lot to lift them up in terms of some economic boost so why shouldn't they give btc a option to act as helping hand in their surviving conditions
I don't wanna be a party pooper here but it would be good to check some facts about Central African Republic before writing stuff like "this is great thing etc".The thing is, CAR is so poor that it's not even a 3rd world country but more of a 4th world country and it really baffles me that people think bitcoin with somehow magically help them when they don't have most basic infrastructure built in order to implement something like this.
On top of having only small percentage of people having access to electricity, they also have one of the most expensive Internet in the world. Combine those two things and then add bitcoin volatility which is not an insignificant thing when you can't even afford food on the regular basis and it will make you realize that chances of people using bitcoin in everyday life are slim to none.
I am not surprised by this particular development since the CAR has economic issues similar to countries like Venezuela, El Salvador etc which is why BTC and other popular cryptocurrencies could help alleviate these issues to some extent.
While those two countries have loads of problems, situation there is nowhere near as bad as in CAR and its not comparable at all. 
The third world countries are realising the fact that their fiat is not going to help them a lot to lift them up in terms of some economic boost so why shouldn't they give btc a option to act as helping hand in their surviving conditions.This is great to see that btc adoption is increasing in these countries where it could really help the people to tackle with inflation but as you know many other problems also are there which btc can't solve like war.Hope African countries seek this as good option and consider the CAR footsteps.
Third world countries adopting bitcoin is a good move, because they are in situation to overcome the inflation and the crisis happening within the country. Same time some third world countries have progressed slowly and has reached the level of growing countries. In those countries the adoption of bitcoin will have positive as well as negative impact depending on the market movements. So, CAR adopting bitcoin is a positive move and more other African countries need to take part in it. 
The third world countries are realising the fact that their fiat is not going to help them a lot to lift them up in terms of some economic boost so why shouldn't they give btc a option to act as helping hand in their surviving conditions.This is great to see that btc adoption is increasing in these countries where it could really help the people to tackle with inflation but as you know many other problems also are there which btc can't solve like war.Hope African countries seek this as good option and consider the CAR footsteps.
I am not surprised by this particular development since the CAR has economic issues similar to countries like Venezuela, El Salvador etc which is why BTC and other popular cryptocurrencies could help alleviate these issues to some extent.
Yes, there is no doubt that it is good news since one of the least developed countries in the world will be able to benefit from this digital currency, but there is a small problem, as I mentioned before, it is one of the least developed, so there are restrictions. In this case, the technology… I recently read a news story that talked about this country and the adoption of BTC (News:https://www.independentespanol.com/tecnologia/bitcoin-moneda-oficial-republica-centroafricana-b2067151.html), but thanks to this restriction, most citizens of this country will not be able to use Bitcoins. Since it is highlighted that only a small part of this population can only enjoy the benefit of having a telephone and this without mentioning internet services and of course electricity.
percentage of population using electricity, source:https://datos.bancomundial.org/indicador/EG.ELC.ACCS.ZS?locations=CF
We hope that by 2023 several citizens of this country can be benefited or that the political entities reach them a little more by carrying out some activities that further modernize the aforementioned country, thus achieving that more citizens enter this investment opportunity.
I am not surprised by this particular development since the CAR has economic issues similar to countries like Venezuela, El Salvador etc which is why BTC and other popular cryptocurrencies could help alleviate these issues to some extent.
This is a positive step forward for the crypto world on the whole no matter what though, but I expected the market to rally for a short period which didn't happen.
This is a positive step forward for the crypto world on the whole no matter what though, but I expected the market to rally for a short period which didn't happen.
Central African Republic CAR should be commended by all Bitcoin lovers for this great development. While countries like Nigeria, China, and others are seeing the threat and yielding to FUDs, smart countries can see the wonderful opportunity that Bitcoin offers.
Yes, this might looks like the first African country to officially adoption the use of Bitcoin for payment of goods and services. I think there are other African countries that have not done that publicly but never compromise the use of Bitcoin by their citizens. I just wondered what could prompt this CAR to public admit the use of Bitcoin bas a currency.Could it be as a result of their falling economy?
Although this is another Victory to Bitcoin community but can they maintain this claim?
What could be behind there adoption of Bitcoin?
Does there technology support and facilitate the use of blockchain?
So many things going on my mind.
Central African Republic has worked silently on this matter, because until the bill's final approvation nothing was heard in crypto news, at least not in evidency.
CAR is a chaotic country, disputed by rebel groups and a weak government which is connected to Russia. Local authority actually relies on russian mercenaries to recover the cities controlled by rebels, especially now with bitcoin adoption, that must boost the country's economy, strengthening the government.
With BTC adoption as legal tender, USD also loses territory and domination. At same time this fact pleases russians, it also enables more efficient funding and raising of russian forces through crypto payment method.
Money is power, and in this case I suspect the introduction of bitcoin in CAR isn't good news, because it will be actually helping Russia after all.
CAR is a chaotic country, disputed by rebel groups and a weak government which is connected to Russia. Local authority actually relies on russian mercenaries to recover the cities controlled by rebels, especially now with bitcoin adoption, that must boost the country's economy, strengthening the government.
With BTC adoption as legal tender, USD also loses territory and domination. At same time this fact pleases russians, it also enables more efficient funding and raising of russian forces through crypto payment method.
Money is power, and in this case I suspect the introduction of bitcoin in CAR isn't good news, because it will be actually helping Russia after all.
Are we witnessing only the beginning of bitcoin's adoption as legal tender around the world? What would the world be like if more developing countries and 3rd world countries adopt bitcoin and begin trading each other using bitcoin? Everyone knows I am a skeptic and have speculated these countries accepting bitcoin as legal tender are only doing it for publicity. However, I am presently not certain of this anymore hehe.
As you mentioned only countries struggling economically and have an unstable government is adopting BTCitcoin as a legal tender thinking that it will change their financial issues if they adopt them. The problem here is that, with countries having people with monthly wages below $100 how can you expect everyone to adopt to a high volatile market like cryptocurrency. In the end i think these adoption will have an negative impact rather than having a positive one. 
The government representatives are not useful as I find them old fashioned, a Bitcoin aware politician wouldn't want to hurdle information about Bitcoin and Crypto. Great news but still won't push Bitcoin price a little bit further or forward to 100k
The government are still useful, if the government support adoption, there will be more adoption. If the government of Americas, Asia and Africa all go against bitcoin, the adoption would have been slower than this, it is not only about making bitcoin a legal tender, it is also about how the government are friendly with bitcoin which helps in adoption. As only two countries and an island in Honduras make bitcoin a legal tender, only 12 countries among hundreds of countries are hostile to bitcoin.
Am commending the Central African Republic for taking the bold step of adopting bitcoin as a legal tender in their country despite being among the poorest country in Africa. This is a step toward a new beginning of breaking their citizens free from advert poverty. This demonstrates how the recognition of digital currency is spreading
I hope they have the infrastructure to accommodate this development and some cyber laws to help protect its citizens from any cyber related crimes, but overall this is a great development not only for Central African Republic but the cryptospace as well.
Bitcoin adoption is truly happening slowly all around the globe. And even though Central African Republic is one of the world's poorest country based on my research, I doubt that it won't make any difference on other third world countries out there. And for sure nearby countries and other poor countries will look and keep an eye on this certain country and on their steps in adopting bitcoin as their official currency and what impact and changes it can bring to their economy. This might turn out very interesting and I can't wait to see the possible results of their bitcoin adoption.
While I love to gear new countries adoption the use of bitcoin and other currencies as a crypto enthusiast myself, I wish that these countries have already made plans and counter measures that would support itself when their bitcoin adoption fails so they can still support it and would not have to resort to abandoning the thought of bitcoin adoption. Of course to keep the reputation of bitcoin in a positive light without hurting their own citizens. Half-assed planning and decisions will only do temporary good for both Bitcoin and the country that is supporting its adoption.
Africa is a huge and diverse continent, and treating it an a unified region isn't doing justice to it. Some countries might follow Central African Republic's example, of course, but others might not. For example, while crypto usage in Nigeria is famously very high, and Nigeria also has one of the highest Internet penetration rates on the continent (73%), the policies of the government haven't been exactly crypto-friendly there. But there are also countries that can struggle a lot because of low Internet penetration. Speaking of low penetration, it's at 11.3% in Central African Republic.
To be honest, I really don't think crypto adoption can work when so few people use the Internet and have access to it. So declaring Bitcoin legal tender is something they can do, but when the vast majority doesn't have Internet, there's no way they'll use or be interested in Bitcoin. I was initially optimistic, but not anymore.
To be honest, I really don't think crypto adoption can work when so few people use the Internet and have access to it. So declaring Bitcoin legal tender is something they can do, but when the vast majority doesn't have Internet, there's no way they'll use or be interested in Bitcoin. I was initially optimistic, but not anymore.
It's exciting to hear that Central Africa will accept bitcoin, and I did some research as well as discovered that they are already utilizing bitcoin as a payment currency. This means that Bitcoin will be accepted as a form of payment in the Central African Republic, making it the first African country to do so and the world's second after El Salvador in North America.
https://coinnewsextra.com/central-african-republic-becomes-the-first-african-country-to-adopt-bitcoin-btc/
I believe that our neighboring countries would be interested, as it is new to them, and I hope that Central Africa would be successful throughout their bitcoin journey. This is their fresh start.
https://coinnewsextra.com/central-african-republic-becomes-the-first-african-country-to-adopt-bitcoin-btc/
I believe that our neighboring countries would be interested, as it is new to them, and I hope that Central Africa would be successful throughout their bitcoin journey. This is their fresh start.
El Salvador is one of the countries that has implemented crypto as a legal adoption in that country and this will again be done by countries on the African continent where they will switch to digital currency and we really hope that the process of switching to the crypto world can soon it can be realized that users will return to recovering the price of bitcoin on the stock market which has fallen drastically in recent years, and we really hope that this will be a good first step for the bitcoin world even though the African country's currency is not one of the popular currencies but if it can happens then it will be an extraordinary thing
This is very exciting news that Africans have been waiting to hear, with the economy of central Africa Republic they need bitcoin and the you will have more access to invest which other African nation find it difficult to use bitcoin . This adoption of bitcoin in central African Republic motivate other Africa countries to take a step just like central African Republic took. Neighbouring countries around central African Republic would want to relocate because this is the kind of opportunity they have been looking for.
Africans do not really need too relocate before they can use Bitcoin or any other Crypto Currency.
Most Africans barely have a good source of power supply and not even a good smart phone but they have pushed on as they are know for embracing technologies.
The government representatives are not useful as I find them old fashioned, a Bitcoin aware politician wouldn't want to hurdle information about Bitcoin and Crypto. Great news but still won't push Bitcoin price a little bit further or forward to 100k
I speculate that what it might be is the government of the Central African Republic is making their jurisdiction open to all of the cryptospace and not favoring only 1 cryptocurrency. Does this imply that it is on the business owner to make the decision of which cryptocoin he wants to accept? This would be similar to gambling sites in the cryptospace where they can accept bitcoin, litecoin, dogecoin and many others to choose from.
You are correct that this news is being blown out of proportion again. However, my argument before is if a government recognizes a currency by law as a means to pay taxes, settle debts, payments and other financial obligations, does this not imply that the currency recognized is legal tender?
It is one thing to accept btc or other crypto and another to legalize it, could it be that this news source are misrepresenting the two! perhaps the government of central Africa are exploring the option of crypto acceptance for payment before taking that bold step of legalizing it as a currency. and if this is the part they are taking, then yeah, the decision is largely on the business owners to decide which cryptocurrency they are willing to accept.
Until such currency is officially with all due procedures legalize as a legal tender, performing all the above functions (even if it seem legal) does not makes it a legal tender.
Understandable. They probably do not have the technology yet to fully implement this.
To be honest, I didn't know that such country exists in Africa (no offense to those who live there). Upon looking it up, it seems they do not have their own local currency
To be honest, I didn't know that such country exists in Africa (no offense to those who live there). Upon looking it up, it seems they do not have their own local currency
You do not know anything about the country and yet you said understandable they do no have the technology.
Here:
~ Everyone knows I am a skeptic and have speculated these countries accepting bitcoin as legal tender are only doing it for publicity. However, I am presently not certain of this anymore hehe.
Do you want me to expound on it? I find it understandable that @bbc.reporter is skeptical about such news because for a poor country to adopt something *that's probably* beyond their technology and infrastructure is not logical. How would they implement it?Do you get it now?
Even if you do not know anything about the country but a quick type on Google research would have given you an idea that CAR is a country with its own currency before now.
Well, I saw Franc as it's currency when I first looked at it (as I said in my post) and assumed that it's the same Franc of France.We do not have to condemn everything coming from Africa because it is Africa without researching it. Again we call for bitcoin adoption and we have the mindset of where it will kick start from?
And where in my post did I condemn it? I'm amazed how you come to such conclusion. Jump to: