- The Central African Republic (CAR) has decided to adopt Bitcoin as legal tender alongside the CFA franc.
- The bill approved by the National Assembly not only sought to regulate digital assets, but Bitcoin was also recognized as legal tender.
- This nation is one of the poorest in the world with a Gross Domestic Product (GDP) of approximately just over 2 billion dollars.yes
We have already talked in this space about the constant acceptance that digital assets are having in various spaces and nations. From allowing their use in their territory, going through some adaptations so that they appear in the national economy to the fact of converting them into official currency, as in the case of El Salvador.
Following in the footsteps of President Bukele, the presidency of the Central African Republic (CAR)one of the poorest countries in the world, announced that it decided to adopt Bitcoin as legal tender alongside the CFA franc.
Central African Republic regulates and adopts Bitcoin
Through a press release, apparently formulated by the office of the Presidency of the Central African Republic, a series of rumors scattered by the media were confirmed in which it was claimed that The bill approved by the National Assembly not only put on the table the issue of regulating digital assets, but also in said document Bitcoin was recognized as legal tender.
Through a statement in Facebookthe chief of staff of said country, Obed Namsio, indicated that the government of Faustin Archange Touadera has the firm intention of supporting all those initiatives that have the purpose of allowing the nation to achieve this approach, since with it, the Republic Central Africa will be in the world’s gaze, as it is part of the most visionary countries on the planet.
Namsio pointed out that it is a historic moment, since they are the first country on the African continent to say yes to Bitcoin.
“We are on the right path to make our nation a milestone, being fully aware of all the adversities that we will find along the way, tests that will help us better determine our mission “.
Bitcoin is universal money
The president of the Central African Republic, Faustin-Archange Touadéra, used his Twitter account to express his position on the adoption of Satoshi Nakamoto’s asset and mathematics in general, since virtual assets are closely related to this area of study. :
“Mathematics is the language of the Universe, Bitcoin is universal money”, he pointed out on his Twitter account.
Bitcoin; really a good option?
Although at first instance, the adoption of this digital asset sounds like excellent news, it is important to know the context, at least in general, in which the Central African Republic is inserted, since there are two main points to highlight or consider about said adoption that are in the general interest of its citizens.
The first of them is that this nation is one of the poorest in the world because of civil wars that it has suffered, which have claimed the lives of hundreds of people.
As usually happens, a direct consequence of the armed conflicts is a setback to the country’s economy, and that is exactly what happened in that nation, since it had a contraction that has made it one of the poorest countries in Africa and in the world, according to UNICEF estimates and UNHCR.
In fact, data from the World Bank have indicated that its entire Gross Domestic Product (GDP) is equivalent to roughly just over $2 billion.
The second relevant point is that Internet adoption in the nation has very low rates, so, although it seems obvious, it is important to point out that, although other forms such as the use of text messages have been tried, for the time being To be able to carry out any action related to cryptocurrencies, it is essential to have Internet.
At this point, the data is not at all encouraging, since according to reports from sources such as Data Report Y Kepiosapproximately 355 thousand users, that is, less than 8 percent of the population of said country, have an Internet connection, which translates into the fact that more than 90 percent of citizens simply have no way of using bitcoin as a payment method.
Also, only 33 percent of the population of the Central African Republic has a smartphone, according to statistics from GSMA Intelligence.
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