Fun

Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the Presidency

News Feed - 2022-04-29 02:04:20

Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the Presidency


Following the confusion that surrounded initial reports, a senior staffer in the Central African Republic (CAR)’s presidency has now confirmed that bitcoin will become the country’s reference currency. First Country in Africa to Officially Adopt Bitcoin


A press statement supposedly issued by the office of the Presidency of the Central African Republic (CAR) appeared to confirm reports by multiple media outlets suggesting that the bill passed by the National Assembly not only proposes to govern cryptocurrencies but recognizes bitcoin as a reference currency.


In a statement posted on Facebook, Obed Namsio, the chief of staff, said President Faustin Archange Touadera’s government will support all necessary efforts that allow the country to “carry out this approach that places the Central Africa Republic on the map of the most courageous and visionary countries in the world.”


Namsio said with this move the CAR had become the first country on the African continent to adopt bitcoin as a reference currency. Lauding the move, Namsio said: We are going on a new path that will mark a new milestone for our country while being aware of the difficulties we will have to face to continue our mission.


The chief of staff’s statement, however, appeared to contradict an earlier report by Bloomberg suggesting the bill passed had only gone as far as to propose the creation of a cryptocurrency regulator. Conflicting Reports


In the report, Hervé Ndoba, the minister in charge of finance and budget, is quoted insisting the CAR is not about to follow in the footsteps of El Salvador, which became the first country to introduce bitcoin as legal tender. Rather, the proposed legislation only seeks to establish a regulatory framework, the report quotes minister stating.


While the release of the French language statement is expected to end the confusion which followed the initial report which said the country had adopted bitcoin, Useful Tulips’ peer-to-peer bitcoin volume data starting in 2020 suggests interest in the crypto had been growing. In fact, by the end of September 2021, the CAR had, according to the data, become the country with the fifth-highest P2P volumes in Africa.


Bitcoin ‘Undefeated’


Meanwhile, the news and Namsio’s apparent confirmation of CAR’s decision have delighted players in the crypto community. In comments shared with Bitcoin.com News, Christos Krokides of ARK36, a crypto hedge fund, said:


“Bitcoin adoption continues undefeated by any geopolitical or financial global matters. Even in such uncertain times, the Central African Republic (CAR) adopted bitcoin as a legal tender marking yet another big step toward a global digital transformation. This initiative will completely transform the CAR’s digital infrastructure, which is now considered underdeveloped, by applying the blockchain technological innovation necessary for the project’s implementation.”


Ransu Salovaara, the CEO of Likvidi, said that as “bitcoin gets bigger and bigger, it will become also more stable and that will speed up the government level adaptation even more.”


However, others like Anthony Oduu, the co-founder and CTO at cross-border payment platform Verto, said a wider adoption of the crypto will depend on attitudes as well as how the country improves its infrastructure, elaborating:


“Country-wide adoption will be very much dependent upon the performance of infrastructure and locals’ attitudes towards the currency. The Central African Republic does not have the best standard of telecommunications and digital infrastructure. In 2021, internet penetration was around 10% and mobile connections were available to just 30% of the population.”


According to Oduu, the CAR needs to invest significantly in infrastructure in order to make digital currencies accessible to the entire population. Tags in this story Anthony Oduu, bitcoin legal tender, Central Africa Republic bitcoin, Christos Krokides, cryptocurrency regulatory framework, digital infrastructure, internet penetration, Obed Namsio, peer-to-peer trade, Ransu Salovaara


What are your thoughts on this story? Tell us what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Grayscale Investments Plans European Expansion FEATURED | 3 mins ago 80% of Institutional Investors Expect Crypto to Overtake Traditional Investments, Survey Shows FEATURED | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleVegaX Expands B2B Technology for Institutional Clients to Unlock Crypto Market Next articleFamed Whistleblower Edward Snowden Reveals He Took Part in the Zcash Launch Ceremony Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Gofundme Shuts Down Truckers’ Freedom Convoy Fundraiser, Move Highlights the Importance of Crypto Crowdfunding
Gofundme Shuts Down Truckers" Freedom Convoy Fundraiser, Move Highlights the Importance of Crypto Crowdfunding This week the world has been watching the thousands of truckers in Ca
Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling
Lightning Network Increasingly Fragile to Attacks – Hope Turns to Drivechain for Bitcoin Scaling A report published February 7 and authored in part by Blockstream researcher Ch
BNB Rally To All-Time High Grows Strong, But This Crucial Zone Must Hold
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
India Has New Plan to Regulate Cryptocurrencies: Report
India Has New Plan to Regulate Cryptocurrencies: Report India is reportedly working on a new way to regulate cryptocurrencies. “The government is planning to define cryptocu
Turner Wright13 hours agoJudge denies motion from Binance regarding allegedly ‘misleading’ SEC statementsThe legal teams for Binance, Binance.US and CZ filed a motion for the court to order the SEC to comply with “
Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash
William Suberg8 hours agoBitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crashFrom bottom buys to stimulus checks, Bitcoin has richly rewarded those who used the events during the COVID-19 pandemic to incr
As Bitcoin and Ethereum See Sharp Drops, 18 Crypto Assets Captured Double-Digit Gains Last Week
As Bitcoin and Ethereum See Sharp Drops, 18 Crypto Assets Captured Double-Digit Gains Last Week While the crypto economy shed billions in value this week, 18 different digital asse
Litecoin Price Upsurge Cools Off – What’s Next After The $97.8 Drop?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High
Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High 20 days ago, Ethereum’s network participants upgraded the protocol and implemen
What To Expect After The Bitcoin Price Crash Below $100,000
Este artículo también está disponible en español. The crypto market faces renewed volatility and uncertainty following the recent Bitcoin price crashbelow the $100,000 ma
Dogecoin Rally Ahead: Analyst Hints At A Bigger Breakout Than 2021
Este artículo también está disponible en español. Analysts are excited about the possibility of a huge Dogecoin rally in 2025, with some believing it would far outperform
Charlie Munger: Everybody Should Avoid Crypto ‘as if It Were an Open Sewer, Full of Malicious Organisms’
Charlie Munger: Everybody Should Avoid Crypto "as if It Were an Open Sewer, Full of Malicious Organisms" Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s ri