Topic: First African country adopts Bitcoin as official currency - page 2. (Read 687 times)

I don't understand this kind of policy. First, it will allow the use of cryptocurrencies instead of money, then this country will be denied loans and assistance, and then the population will say who cryptocurrencies are their main enemy. It was enough to allow trading in crypto-currencies and abolish taxes for several years.

It is, and apparently, that is what they are doing (I’ve come around to believing it to be true now), although as stated before, the bill is inconsistent with only making bitcoin legal tender in the country, as it speaks of cryptocurrencies in the broad sense.
 
My feeling is that they are not too good at being formal and transmitting the specifics. Some articles, such as this one even quote things like:
Note the confusion, quoting cryptocurrencies (and not just bitcoin) as legal national currencies, which seems absurd (although it was not an official quote).

Possibly, what they’ve done is:
-   Legalized cryptocurrencies and developed a sort of framework.
-   Given bitcoin the status of legal tender.

But they also seem to:
-   Have overdone it in the framework in article 10, stating that "Any Economic Agent is required to accept cryptocurrencies as a form of payment when offered for the purchase or sale of goods or services."
-   Perhaps have yet still to develop some bitcoin specific rulesets (?). I’ve seen this hinted on an article I’ve now lost track of.
 

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?

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.

Not totally beginning because it wasn't the first country outside africa that made btc a legal tender but I wonder why it took them so long before deciding that they will follow the footsteps of el salvador. Is making btc a legal tender really a serious thing? But if they are doubting, I think it's still possible to retain fiat and for sure there are still people that will choose it over btc.

I can imagine a better world after that. People are now less dependent on fiats, which can be a good thing as it can cut down the inflation rates.

We don't know actually that you are skeptic but why? This is supposed to be a good thing even if they are only doing it for publicity because they are still hyping or promoting bitcoins. If el salvador did it then why not others? For sure they will did it too. They are just waiting for the right signal.

I believe that this is a great move by CAN even though the adoption have no effect on bitcoin price today, One day the world will look back and praise countries like El Salvador and now the Central African Republic as visionaries and first movers. This is just the beginning, more countries will adopt bitcoin probably more smaller countries before the developed nation starts adopting also

Not necessarily. I’m currently more lenient to remaining sceptical, being there a lack of proper official source so far. I often try to go to the root source (or nearby) as a habit on relevant news, but it seems quite a task so far to move away from some stray tweet from a non-official source.

The amount of noise on the matter from all sorts of media, reputable and whatnot, suggests that there is likely something that is taking place, and it could turn out to be true, but we have seen recently how some new get blown out of proportion in a widely fashion, and how bitcoin legal tender was being attributed to Madeira, when the reality is a watered down version, closer to favouring its use there than anything else.

My scepticism may well be proven ungrounded in the aftermaths, and I really hope it is by finding a proper source and the real details behind of how it is going to be played out. Amongst other issues, the estimate of population with internet in the country is only 7,1%, which is a massive handicap to address in the bitcoin as a legal tender scenario.

Edit:
This seems to be the president's Twitter:
https://twitter.com/FA_Touadera

And this the press release found on a post on his account, which brings officiality to the matter:
https://twitter.com/FA_Touadera/status/1519300171615592448?cxt=HHwWgICzxZvd0ZUqAAAA

Bill: see complete law here: https://bitcointalksearch.org/topic/bitcoin-legal-tender-in-central-african-republic-5396366

Looks real now, although I don't get the incongruence between making bitcoin legal tender and the bill that verses on the term "cryptocurrencies" in general (look at articles 10 and 11 in prior link).

You do not know anything about the country and yet you said understandable they do no have the technology. 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. 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?

Does that imply that everything about this is only fake news from sauces? I am presently shaking my head because much of the articles from mainstream media writes that it has been adopted as legal tender or a national currency, however, you might also be correct that we should be more skeptical about this.

In any case this is the latest article I can find that published the news without confirmed sources except for that letter signed by the chief of staff of the president of the Central African Republic. It is not the president that signed the letter. If this is fake news, my compliments to the sauce hehehe. He tricked influencers, bitcoin news media, mainstream news media and much of the cryptospace community.



The Central African Republic has adopted Bitcoin as an official currency, the presidency said on Wednesday, making it the first country in Africa and only the second in the world to do so.

A bill governing the use of cryptocurrency was adopted unanimously by parliament last week, said a statement signed by Obed Namsio, chief of staff of President Faustin-Archange Touadera.

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

Nothing is certain here but in the midst of a monopolistic world, power is controlled by nations with large economies. For 3rd world countries like El Salvador, the Central African Republic has almost no way to help them change their own economy when sanctions, economic inflation increase. Bitcoin is almost the only option for them to save the country's economy.

Bitcoin adoption is a huge challenge but it's worth it for them to try with the development of bitcoin, in the long time I believe bitcoin will help the economies of these countries make significant improvements.

Bitcoin being the legal tender in a country doesn't provide any certainty of progress, but for longer and term it assure with growth. But as a country it cannot hold, it needs to make regular transactions. These countries can initially make investment plans on mining bitcoin and later could've adopted it. Same time there were talks going on, that Bitcoin adoption by El Salvador failed based on certain data. I'm not sure, but it is the beginning and someday it'll be discussed as the success model for sure.

I think there is a serious discussion about how positive it is that bitcoin reaches "legal" status and then the addition of the asset or currency it is already an exceptional result, like saying the icing on the cake.

There is nothing that can be said with certainty about the fate of the countries that adopt bitcoin, this by itself is not a messiah in the achievement of improving economies, I think that the fact of adopting at each government that is added to the initiative mainly It is providing the right that individuals have to access the management of our assets.

I guess the government should be responsible about that and should provide mass education first about bitcoin to avoid scenarios like what we heard about El Salvador's citizens on refusing to adopt bitcoin as a legal tender. There is still a long way process to go before everything will be set and before people will be totally convinced. But i know, the country itself has anticipated all of these before they come up to adopt and legalize bitcoin.

the current continent of Africa will be able to keep up with other developing countries if they take action more quickly in adopting bitcoin. There are many beneficial things that they will get if they adopt bitcoin, one of which is that their country is highlighted by the media and investors will enter their country. el salvador is already feeling the tremendous benefits of adopting bitcoin, other countries should follow them.

I was also surprised seeing the name of that country, first to heard it though. But i believe that bitcoin will certainly make improvements in their country later on, for now the citizens might still find it hard to grasp about bitcoin and how to use it, especially if most of them are not tech savvy. But everything will be learned in bitcoin as long as the government support them all the way. And seeing they don't have official currency, i guess everyone should need to learn on how to use bitcoin to buy and sell.

My country Nigeria is full of smart people, just that we are lead by corrupt leaders and when the youths(smart guys) want to explore into new ideas and other currencies option, they becomes an enemy and who will like to fight a government? That's suicide and the number 1 problem youths are facing with this leaders, they wouldn't do and wouldn't want the youth to do it, I don't know what they are scarred about with accepting the concept of Bitcoin and other Altcoins.

What is it like with the state of tax on crypto in Central African Republic? If it's a friendly place, there is going to be Lots of flow of citizens from other neighboring African countries and will strengthen their GDP as well migration.

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.

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/

Bitcoin transaction fees aren't computed based on a percentage of the transaction value! They are computed based on the size of the transaction (as bytes). A transaction worth $10 million would pay the same $0.07-$0.09 as another transaction worth $10 if their byte sizes are the same. Even if you wanted to convert it to percentage neither of it is even close to 3%-8% either (it is about 0.9% for $10 case).

I am very sorry for causing this confusion. However, I also searched for other articles, all of them not from the circle jerking bitcoin news media, to confirm this. They all published articles of bitcoin as being accepted as legal tender by the Central African Republic.

https://www.businesstoday.in/crypto/story/central-african-republic-accepts-bitcoin-as-legal-tender-331077-2022-04-25

https://gadgets360.com/cryptocurrency/news/central-african-republic-bitcoin-legal-tender-bill-el-salvador-2918953

https://www.youtube.com/watch?v=2t_WKc7zZR0

Also, on the argument if the Central African Republic has adopted bitcoin or not, it is very clear that it has adopted it. I reckon any country that recognizes and allows a currency to be used to pay for their taxes and to conduct business activities is adoption.

Is bitcoin legal tender in the Central Africa Republic? I do not know because of that article published in Cointelegraph. But search for the definition of legal tender.



Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages.

Source https://www.investopedia.com/terms/l/legal-tender.asp

However, you are correct. It is still a mistake to assume until we read the details of the law.