In April, the Central African Republic (CAR) adopted Bitcoin as a legal tender, making it the first African country to make the move and the second in the world after Central American country El Salvador. The move has, of course, caused upheaval and has drawn the aversion of various financial bodies such as the International Monetary Fund (IMF). Bitcoin became a legal tender in the Central African Republic (CAR) after lawmakers by a unanimous vote, and President Faustin Archange Touadéra approved a law legalizing Bitcoin to be used as a legal tender alongside the CFA franc. “This move puts the Central African Republic on the map of the most courageous and visionary countries in the world,” Minister of State and Director of Cabinet of the Presidency, Obed Namsio said after Bitcoin’s adoption.
The Central African Republic’s decision to adopt Bitcoin as a legal tender raised eyebrows because of quite a handful of factors such as the country being the poorest nation in Africa, poor internet penetration, etc. All of these, however, failed the stop the country from moving on with its decision to adopt Bitcoin as a legal tender alongside the CFA franc.
The country’s President recently said that cryptocurrencies are the biggest way to solve financial inclusion challenges.
On Sunday, while speaking at a launch event for crypto initiative Sango hosted by the country, Central African Republic’s President Faustin-Archange Touadera said that cryptocurrencies are the solution to solving the challenges with regard to reducing the financial inclusion gap. He said this while citing the cost of opening bank accounts. “The alternative to cash is cryptocurrency. For us, a formal economy is no longer an option,” he said.
The country hosted a beautiful event for the launch of the Sango project which also entails a “Sango Coin.” The project received backing from the country’s National Assembly and President who is of the opinion that the Sango project will provide access to the country’s natural resources. According to the Sango website, the project will “facilitate the tokenization of Central African Republic’s resources for worldwide investors.”
“Sango Coin will be the currency of the new generation of the Central African Republic,” the country’s President who failed to provide an explanation said.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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