Bitcoin Forum

The Central African Republic has adopted bitcoin as legal tender, the president's office said Wednesday, becoming the second country in the world to do so behind El Salvador.

Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalised the use of cryptocurrencies, and President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement.

The CAR "is the first country in Africa to adopt bitcoin as legal tender," Namsio said.

"This move places the Central African Republic on the map of the world's boldest and most visionary countries," he declared.

PRESIDENCE OF THE REPUBLIC
DIRECTION OF CABINET NP:009/PR/DIRCAB/22.

CENTRAFRICAN REPUBLIC
DIGNITY-UNITY-WORK


PRESS RELEASE

The President of the Republic, Head of State, Professor Faustin Archange TOUADERA took note with satisfaction and enthusiasm of the unanimous decision of the National Assembly relating to the bill which establishes the legal framework which governs crypto-currencies and establishes Bitcoin as the official currency in the Central African Republic. The adoption of Bitcoin as an official currency represents a decisive step in opening up new opportunities for our country.

Through this historic decision, the economic recovery and peacebuilding plan is entering a new phase and the Executive is demonstrating consistency in the application of the agenda which provides for the achievement of strong and inclusive growth for the benefits of development and economic performance, which ultimately will generate prosperity for our fellow citizens.

The President of the Republic, Head of State will support all the necessary efforts, in compliance with the law, in order to complete this process which places the Central African Republic on the map of the most courageous and visionary countries in the world, to everything that means and implies the acceptance of cryptocurrencies as means of payment. The Central African Republic is not only the first country in Africa to adopt Bitcoin as a benchmark currency but also the first country in the world to unanimously adopt the bill that governs cryptocurrency. We are setting out on a new path that will mark a new stage for our country while being aware of the difficulties that we will have to face to pursue our mission.

In a progressive, forward-looking vision, our Nation must be able to pursue its destiny and join the ranks of those who not only fully understand the importance of Blockchain technology but also hasten to legislate.

Our priority is to think about how the lives of our fellow citizens will change and about the means necessary to create a stable and prosperous economy. We must do everything in our power for the common good, bearing in mind the heritage that we have a duty to leave to future generations.

Done in Bangui, April 26, 2022

The Minister of State, Director of the Office of the President
OBED Namsio

The Central African Republic (CAR) has adopted bitcoin as legal tender, the president’s office said on Wednesday.

The move makes the African country the second nation in the world to officially adopt BTC as a lawful currency, enabling its citizens to use it in regular commerce as well as to pay taxes.

CAR lawmakers unanimously approved a bill legalizing the use of cryptocurrencies in the country and making bitcoin and the CFA franc legal tender. President Faustin Archange Touadera then signed the measure into law, his chief of staff Obed Namsio said in a statement.

There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology,” Finance Minister Herve Ndoba said last week, as quoted in Bloomberg. “This time, we can actually say that our country is one step ahead.”

This move places the Central African Republic on the map of the world's boldest and most visionary countries," he declared.

The introduction was heavily criticised by the International Monetary Fund (IMF).

It warned of "large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection" and with issuing bitcoin-backed bonds.

The Central African Republic has adopted bitcoin as legal tender, https://www.msn.com/en-us/news/world/central-african-republic-adopts-bitcoin-as-legal-currency/ar-AAWEdfe

This is wonderful news, unless I am missing something: the first country having its own currency (CFA) and still adopting Bitcoin.

For visibility here is legislation in the text :

https://i.ibb.co/tmQhfd2/Screenshot-20220427-183430-01.jpg  https://i.ibb.co/RNf48Rh/Screenshot-20220427-183435-01.jpg

The CAR is also having the same condition where the country is dominated by the US dollar for trade off and buying/selling of stuff so you see they find an opportunity to free from the chains of USD through this bitcoin and providing people with decentralised control of their funds and ownership of funds to them.

So it is finally acknowledged to be legal tender and not legalized currency or a means of payment, the news over the last few days has been all over the place.

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/

There are now a few thread around on the matter in different boards, as one would expect, and one of the posts has a link to this thread which I’ve just followed.

I’m still not convinced of the authenticity of neither of the documents seen here so far. They are indeed being echoed by the media, but trying to find an official source to either is a chimera, and I kind of end-up on someone’s Twitter as a source behind articles here and there, which is not what we’d like to see.
 
This is what I was looking into:
The latter seems to be one of the issues here in relation to finding a reliable source. If the above are indeed the official government channels (Google and Wikipedia thought so), then they are essentially abandoned, so it gets even harder to verify the source of the information ...

Wow, this decision is really bold and surprising for the African Republic to take this bold step to adopt Bitcoin as a legal currency in this country. This is the second country in the world to take this bold step. I expect more countries to join in adopting Bitcoin as a legal currency soon, The striking thing about this is that countries that adopt bitcoin as a legal currency have economic problems, and this gives a good impression that these countries find solutions to their economic problems in adopting bitcoin.

The future is already here – it’s just not very evenly distributed

<…>

Art.10: Any Economic Agent is required to accept cryptocurrencies as a form of payment when they are offered for the purchase or sale of goods or services.

Art.11: Without prejudice to the actions of the private sector, the State provides alternatives allowing the user to carry out transactions in cryptocurrency, and to have automatic and instantaneous convertibility of cryptocurrencies into the currency used in the Central African Republic and vice versa.

Art. 21: Are excluded from the obligation expressed in Article Article 11 of this law those who, by a notorious and obvious fact, do not have access to technologies which allow transactions in cryptocurrencies.

This is wonderful news, unless I am missing something: the first country having its own currency (CFA) and still adopting Bitcoin.
...Shame that it's a country with still ongoing civil war. It will give ammo to various naysayers.

It's a country with a solid multi-million population, and it's not an adoption in a special economic zone or by a particular region, which is very cool.

I’m still not convinced of the authenticity of neither of the documents seen here so far. They are indeed being echoed by the media, but trying to find an official source to either is a chimera, and I kind of end-up on someone’s Twitter as a source behind articles here and there, which is not what we’d like to see.

This monetary union has seen a lot of criticism for the absolute imbalance of powers toward France, who actually used this economic zone as a weapon to increase their influence on Africa.

True Sovereignty? The CFA Franc and French Influence in West and Central Africa (https://hir.harvard.edu/true-sovereignty-the-cfa-franc-and-french-influence-in-west-and-central-africa/)
Fabric of Reform Cover The Fabric of Reform (https://www.imf.org/external/pubs/ft/fabric/backgrnd.htm)

Going over the bill posted in the OP, and Google translating some of the articles, it does seem rather vague.

Another Country Adopted Bitcoin as a Legal Tender.

The Central African Republic has adopted bitcoin as legal tender, the president's office said Wednesday, becoming the second country in the world to do so behind El Salvador.

Central African Republic adopts bitcoin as legal currency
 (https://www.msn.com/en-us/news/world/central-african-republic-adopts-bitcoin-as-legal-currency/ar-AAWEdfe)

On April 27, 2022[132], Bitcoin (BTC) was adopted as an additional legal tender. Lawmakers unanimously adopted a bill that made bitcoin legal tender alongside the CFA franc and legalized the use of cryptocurrencies. President Faustin-Archange Touadéra signed the measure into law, said his chief of staff Obed Namsio.

Another Country Adopted Bitcoin as a Legal Tender.

Bitcoin is not a cure-all for Africa's economic woes, the International Monetary Fund warned Thursday, after the Central African Republic adopted the cryptocurrency as legal tender.

The head of the IMF's African department, Abebe Aemro Selassie, said that a "robust" payment system with financial transparency and a governance framework must be in place when adopting cryptocurrencies.

We did see this coming: the inevitable IMF’s rant about another country adopting bitcoin as legal tender.

Bitcoin Not A Panacea For Africa's Economic Woes: IMF (https://www.barrons.com/news/bitcoin-not-a-panacea-for-africa-s-economic-woes-imf-01651158908?refsec=topics_afp-news)

We did see this coming: the inevitable IMF’s rant about another country adopting bitcoin as legal tender.

Bitcoin Not A Panacea For Africa's Economic Woes: IMF (https://www.barrons.com/news/bitcoin-not-a-panacea-for-africa-s-economic-woes-imf-01651158908?refsec=topics_afp-news)


Of course the CAR is roping every possibile corruption index worldwide, but I am just wondering how the IMF has spent all those dollars in that economy so far.
Honest question.

Of course the CAR is roping every possibile corruption index worldwide, but I am just wondering how the IMF has spent all those dollars in that economy so far. Honest question.

If IMF know the solution to the economic woes of Africa and refuse to help them solve the problem then its wickedness. If they know the solution then they should assist Africa in surmounting them. Rather they give them loans that ends up in the pockets of their associates, agents and cronies. The truth is that they make more money from countries like CAR through loans and lopsided contracts.

What ever happened to akon city and promises to create a techno futuristic place in africa resembling wakanda from the black panther movie. Need updates on that.

Hope you can find this useful: I scanned and translated (GT Translation) the law in English.

	https://i.imgur.com/Q7afR2U.jpg (https://docs.google.com/document/d/1Xpo3-ZuKzE0CwQO1U3K7eEllzgZ-kcnOgRmpWTqli-k/edit)	https://i.imgur.com/uFveegu.jpg (http://)
	ENGLISH	FRENCH

Adding this also to OP for e erybody to notice and use for further discussions.

Great news for Bitcoin, and dominoes are slowly starting to fall one by one.... next continent should be Europe ;)
I am hoping Central African Republic will use different approach than El Salvador with chivo wallet, and they should allow use of non-custodial open source wallets that are widely available today.
Market is not showing much action after this news and I don't know if this could be just one big volcano getting ready to explode.

I do believe that this will have that exponential value for sure. The more nations that does this, the easier it will get for others to do it as well. Going from 0 to 1 was harder, as we can see 1 to 2 was easier, and I guarantee you that going from 10 to 12 will be even easier and 50 to 60 will be much simpler. We just need to wait, give it some time and we will see more and more nations join in eventually and that will be great for us.

finally the Central African country has now followed El Salvador's steps to legalize bitcoin in its country, the steps that Central Africa took to legalize bitcoin, this move puts the Central African republic on the map of the most daring and visionary in the world. Who do you think is the next country that will follow El Salvador and Central Africa's decision to legalize bitcoin in their countries.

Absolutely. It's all about game theory and competitive advantage. Coming fourth or fifth adopting bitcoin is a move so much more intelligent than adopting when many more countries already have.

I checked the mainstream media coverage as well. Whatever sparse coverage is there on this subject was overwhelmingly negative. Is there any specific reason why this happened? What makes CAR different from El Salvador?

Total countries in the World: 195

Countries accepting bitcoin as legal tender in 2022:
1. El Salvador.
2. Central African Republic

Countries accepting bitcoin as legal tender in 2021:
1. El Salvador.

Countries accepting bitcoin as legal tender in 2020:
-

... I think we go up parabolic soon :)

I haven't really noticed so much negativity in the media coverage (then again I read only couple of articles on the subject) but the fact that Central African Republic is one of the poorest countries in the world, with only ~11% people having access to the internet and the civil war that's been going on for 10 years now might be what makes people being skeptic about all this and i must say that I agree with them and I am skeptic about their capability to implement this.

They really have much bigger issues at their hand and it's not something that can be solved by bitcoin becoming legal tender, not even close and while El Salvador is not developed country, it's still in much better situation than CAR.

I haven't really noticed so much negativity in the media coverage (then again I read only couple of articles on the subject) but the fact that Central African Republic is one of the poorest countries in the world, with only ~11% people having access to the internet and the civil war that's been going on for 10 years now might be what makes people being skeptic about all this and i must say that I agree with them and I am skeptic about their capability to implement this.

They really have much bigger issues at their hand and it's not something that can be solved by bitcoin becoming legal tender, not even close and while El Salvador is not developed country, it's still in much better situation than CAR.

One example here:

https://www.verdict.co.uk/car-bitcoin-doubtful-benefit/

Other articles are at the best, neutral:

https://www.bbc.com/news/world-africa-61248809

To be honest, I see neither of those too negative, but more or less realistic. CAR has an enormous amount of problems, starting from their poor infrastructure (you will have issues paying with bitcoin in the country where ~90% of the people don't have electricity and Internet access), ongoing civil war to the fact that they are one of the poorest countries in the world where many people can't even afford food on the regular basis and if you are on a very tight budget even a slight change in bitcoin price might affect you greatly.

So yeah, I am extremely skeptical when it comes to CAR and their capability to implement bitcoin payment. Hell, their government doesn't even control their own country and is in power only due foreign mercenaries that are protecting them from the rebels. Its very easy to pass a law, but its a completely different thing to successfully implement it.

05/04/2022 19:34:40 [BN] Bloomberg News
Bitcoin Adoption by Central African Republic a Concern, IMF Says

• IMF staff working with authorities to address challenges
• Nation’s government adopted Bitcoin as legal tender last week

By Loni Prinsloo
The Central African Republic’s adoption of Bitcoin as legal tender presents a series of challenges
for the country and the region, the International Monetary Fund said.
The government announced last week that the nation, one of the world’s poorest, would become the second to
adopt the cryptocurrency after El Salvador. The decision drew criticism from opposition parties and was made
without consulting the regional central bank, which manages a common currency used by six countries including the Central African Republic.

Read: Central Bank Caught Unaware as African Nation Endorses Bitcoin

“The adoption of Bitcoin as legal tender in C.A.R. raises major legal, transparency, and economic policy challenges,”
the fund said in an emailed response to questions. “IMF staff are assisting the regional and Central African
Republic’s authorities in addressing the concerns posed by the new law.”
The government said that adopting Bitcoin as a legal tender will spur CAR’s economic recovery and growth, while also helping stabilize the country, which has been wracked by a decade-long civil war.
The $2.3 billion economy, which the African Development Bank forecasts will expand 5.1% this year, ranks 188 out of 189 in the United Nations Development Programme’s Human Development Index. The nation has low life
expectancy and extreme poverty, with just 557,000 of its 4.8 million people having access to the Internet.

To contact the reporter on this story:
Loni Prinsloo in Johannesburg at lprinsloo3@bloomberg.net
To contact the editors responsible for this story:
Benjamin Harvey at bharvey11@bloomberg.net
Paul Richardson, Arijit Ghosh

A lot of people around the world seems to have realized the truth behind the US Dollar. The USD is the biggest financial fraud in the world, which enables the American government to take tens of trillions in loans from the creditors, at near zero interest rates. The usage of USD as the reserve and trade currency means that people around the world are funding the Americans at the expense of their own interests. With Bitcoin at least, the possibility of someone taking undue advantage of it's widespread usage is slim.

I'm not so sure about people realizing the truth behind the US dollar. The currency has been subject to criticism for the past decades and yet it remains to be generally strong. Much about the weakening or even the demise of the US dollar has been discussed through the years and yet until today the US dollar remains globally influential. When Nixon removed the gold standard from the US dollar in 1971, there were much talks about its growing instability and yet we are already in 2022 and it's still here. There are still threats against the powerful currency but it remains to be the smacker everyone is after.

We saw it coming, again.
The IMF rants about yet another bitcoin adoption.

The decision drew criticism from opposition parties and was made
without consulting the regional central bank, which manages a common currency used by six countries including the Central African Republic.

The governor of the Bank of Central African States (Banque des États de l'Afrique Centrale, BEAC) has issued a scathing letter to the Central African Republic (CAR) regarding the country’s adoption of cryptocurrencies.

In a letter addressed to the CAR Finance Minister Hervé Ndoba, the Governor of the BEAC Abbas Mahamat Tolli describes the “substantial negative impact” that the CAR adopting crypto will have on the monetary union of Central Africa.

When the reality goes further than fantasy:
the Central African Colonial Central Bank  (BEAC) has written an email to the President of the Touadera that the news "Bitcoin" was adopted as legal tender could cause "significant negative impact"

https://i.imgur.com/N3GqJBN.png (https://twitter.com/gladstein/status/1523297949664620546?s=21&t=XQUFqUfRi9tcFxC3bqMDkQ)

No shit Scherlock!

Nayib Bukele, the president of El Salvador, tweeted late Sunday that 44 countries will meet in El Salvador on Monday to discuss bitcoin, among other things.

"Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country," wrote Bukele.

One could think tose third world states are irrelevant, or tiny economies, often overlooked by most powerful countries, so Bitcoin is irrelevant if the orange pilling stays in these regions.
But remember that Bitcoin is of uttermost importance for this people, not the privileged rich people wanting to cash in quick money. Just as Jameson Loop says:

https://i.imgur.com/1zIdIZR.png (https://twitter.com/lopp/status/1171847107243859968?s=20&t=BvC2X289HWAHBJ3AYtnuMw)

One could think tose third world states are irrelevant, or tiny economies, often overlooked by most powerful countries, so Bitcoin is irrelevant if the orange pilling stays in these regions.
But remember that Bitcoin is of uttermost importance for this people, not the privileged rich people wanting to cash in quick money. Just as Jameson Loop says:

https://i.imgur.com/1zIdIZR.png (https://twitter.com/lopp/status/1171847107243859968?s=20&t=BvC2X289HWAHBJ3AYtnuMw)

Bitcoin gives individuals the opportunity to escape from the financial errors created by government and their agents. Hence, Bitcoin is not for nations but for the people. And any government that wants the financial freedom of its citizens should adopt Bitcoin.

There is no reason that you need to create such a framework in which you believe that there is some kind of interest in favorable of the people but not also to the advantage of nation/states.

For sure, some nation/states, institutions and status quo rich people are going to consider bitcoin as a threat to whatever systems of wealth that they have in place; nonetheless, bitcoin seems to create options/opportunities for states, institutions and even status quo rich people

Alex Gladstein and Fodé Diop join a Bitcoin Magazine Twitter Spaces to share updates about the Central African Republic’s plan for Bitcoin adoption.

Rikki: "Dear Guybrush, what topic do you want to cover?"

Guybrush: “I would like to be interested in what is happening in Central Africa because I have seen some news. What is the name of the president of the Central African Republic? I saw that details emerged about his private life, about what he studied: it turns out that he is a math genius, then there are videos of him who despite being the president gives math lessons in the classroom. Do you know more? "

Rikki: So I studied the subject a bit. In reality, even on this story of the president's Twitter account, there is a whole mystery because he did not have Twitter before, then he became Twitter a few weeks ago, practically he is just talking about cryptocurrencies, plus he tweets in a rather ungrammatical English-French. So there are those who doubt the authenticity of who actually manages this account.
But let's do a little order, let's start from the beginning because interesting and worrying news arrive from the Central African Republic at the same time. Once again, Bitcoin Italia Podcast tells you about Bitcoin as nobody tells you, and therefore, unfortunately, we are forced to go against the trend for a moment with what is the narrative of the Bitcoin world in general that greets the law that, in fact, makes Bitcoin Legal Tender in the Central African Republic as the first step, the second piece, of that domino effect triggered by El Salvador that many blind bitcoiners hope has begun and is now unstoppable. In reality, as we had already said in a few episodes, the situation in the Central African Republic is very different from that of El Salvador is a largely depopulated nation, a large territory with 5 million inhabitants, an average salary that is one-third of that of El Salvador: the average salary of the inhabitants of that region is around 100 dollars a month. A region which, despite being rich in raw materials, is therefore very poor and which is experiencing a situation of violent civil war. My first concern, therefore, was to understand how the use of Bitcoin as a Legal Tender could work in a nation with these characteristics of instability and with a practically non-existent technological infrastructure: 11% of the population, I remind you, has access to the internet. So I used some of my contacts to document myself and the evidence I was able to find inevitably demonstrates that such a thing cannot work in the Central African Republic. Absolutely not. The situation is very complex, it is not El Salvador from any point of view. I spoke to a dear friend who is a doctor from Milan who has worked for Emergency for a long time and has been responsible for Emergency's projects in Africa for a long time and who has been in the Central African Republic for over a year and a half. He is a dear friend he is a collaborator, I was one of his collaborators I worked for him for a few years, and so I called him immediately to understand a little what his opinions could be. He is someone who knows nothing about Bitcoin, but he knows a lot about Africa and the Central African Republic. And he painted me a picture that to define in dark colours is really using a metaphor, a euphemism. In what sense? The sense that he spent a year and a half in Central Africa and then he left because Emergency closed the facilities and hospitals in the country.

GuyBrush: “If even Emergency can't make it, we're in bad shape”.

Rikki: "Exactly, because it was not able, the largest health NGO in the world, the one with one of the highest economic powers, and above all a logistics sector of unbeatable value, which has hospitals in Kabul, which has hospitals under bombs is left Central Africa because he had no guarantee of being able to ensure the safety of his personnel.
So this must already give us a fairly delineated outline. So a very difficult situation, when they were there, they lived isolated facts because they could not go around or leave the Emergency compounds or health facilities. He then told me of a situation, in addition to widespread violence, of endemic corruption at the political level and at the civil and social level. That is, the Central African Republic is not a poor country, it is very rich in raw materials, it is full of gold and diamonds, it is full of oil. What's the problem? The problem is that this wealth coagulates in pockets of corruption that are extreme which translates into a history of dictators, political instability and civil war, one of which, as I said, is underway. So it is not clear, in this very complicated context, what the meaning of a Bitcoin law is given that, and we will see it shortly, it is not a Bitcoin law. And this must be said very clearly. The question arises, however, as to what: it is the months that parliament actually faces, this law writes; a much-discussed law, which has had a rather troubled parliamentary process and is discovered by experts in the country and cryptography experts. There was a beautiful live, a Twitter Space indeed, from the Bitcoin Magazine account with Alex Gladstein who invited a whole series of activists from the country and neighbouring countries, therefore experts from the Central African Republic and Bitcoin experts, who told how there is evidence that the law was strongly supported through a large lobbying job by this obscure Cameroonian businessman who has on his resume a history of industrial scams, financial scams, full-blown Ponzi schemes and sought after in several African states. This thing sets off an alarm bell. For what reason? Analyzing the text, the text is very smoky, the text of the law as it was written is very smoky because the Central African Republic is one of those 15 countries that have the Franco Colonial. The law, which does not speak only of Bitcoin, but speaks in a generic way of cryptocurrencies in more than one article, effectively equates them to legal tender currency, therefore to the colonial franc. This is a big problem that has been raised by many experts from the Central African Republic because the suspicion is, in essence, that there is a scam behind the law - that these very wealthy people actually want a legal way to steal state money. as, trivially introducing useless tokens like Luna, demanding from the Central Bank the conversion of the shit-token created ad hoc into the colonial franc, and escaping with the colonial franc or in any case cashing in the colonial franc. Which is possible today by reading the text of the law. So this is a very serious problem because let's forget that most of the analysts and NGOs I have read comments and works about in recent weeks agree to the law, forget that the Central African Republic can use Bitcoins in the streets: it is impossible, there is no technological infrastructure for this to happen. So there are two cases: we can see the glass as half full and this is extremely interesting because if this were an attempt to escape the direct control of the French Central Bank; remember, the colonial franc is printed directly by the French Central Bank and is pegged to the Euro so it is their Stable Fiat Coin. And from this point of view it serves, for this purpose in 15 countries, 180 million people live in African states that have the Colonial Franc as state currency. So if this is an attempt to escape the direct control of the former colonial power, then this is certainly potentially very interesting because it can be a fuse: 180 million people 15 states, if this were, much more populous than the Central African Republic if this motion of rebellion was born in Central Africa and then flared up in the rest of these 15 countries, would be fantastic! And it would be a very interesting thing to see. The problem is that the other side of the coin is that this is a state Ponzi scheme. And unfortunately, from the information I was able to recover, it seems that this is more the case.

Guybrush: “I understand that there will not be a“ Central African Mission ”

Rikki:“ No, for the moment, let's wait to see what happens, I would say. “

Guybrush:" So the Twitter account of the Central African president who tweets all the time, that is, it's not official, but does the president know? Didn't he distance himself? "

Rikki: "Back then in this Space, a local journalist spoke who said he had confirmation from the staff that it is an official account anyway. But it was clearly created to talk about crypto because this account only talks about crypto when there is some other one too. problem in Central Africa. "

GuyBrush:" Eh, They wanted to replicate the Bukele model. "

Rikki:" Oh yeah, exactly. Probably yes, not understood. Bukele's account, but to a group of collaborators who, however, I repeat, you don't know who they are because you don't have to imagine a normal presidential office. Cartels of drug traffickers, or mafia organizations.

Guybrush: "Ok, so little enthusiasm for this move by Central Africa"

​​Rikki: "A lot of caution, if not little enthusiasm."

Guybrush: "This teaches us that whenever there will be an announcement of this type we must be cautious instead of this announcement here many had incensed, especially Samsung Mow: "Here the Domino Effect has already started" we must be very careful ".

Rikki: "There is a lot of propaganda even in our world, guys, things are complex and our path will not be triumphal, but it will be fraught with dangers and slips because unfortunately the world out there, to which Bitcoin must adhere, is complicated and full of complexity and enormous problems. To think that Bitcoin would have saved Africa without having to deal with African dictators, African oligarchs, international countries that have billionaire interests in Africa, guerrillas, African militias, African ethnic clashes, corruption and endemic poverty. Africa is just telling a fairy tale ".

GuyBrush: ”Ok good. Anyway congratulations for the investigation because I had not yet found all this precision anywhere in the various articles. I had tried to inform myself a little but it is all very confusing and above all, being sector magazines, everyone always talks about the Domino Effect, adoption level with nation-state adoption is the new of 2022 ".

Rikki: “Then not even net of analyzes that are not so much in depth objectively, there is a difficulty in having reliable news coming from there. That is, I will give you a stupid example, the connection from Central Africa of this Twitter Space kept jumping because this was in the capital and the internet in the capital is patchy, so we are talking about this technological infrastructure. Just imagine you guys ".

GuyBrush: "Okay".

This discussion between Guybrush and Rikki is a terrifying eye-opener. Although I have some reservations but government using Bitcoin as a means to undo it's own people is sad. When I read an article that the reason for the adoption of Bitcoin in Central African Republic was to undermine the CFA- the French backed currency. This is because there have been a fierce scrabbling for control of the country because of its rich resources between Russia and France. But I thought it was another propaganda by anti- Bitcoin forces. The Russian military mercenary Wagner have been helping CAR fight or repel the constant attack of rebels. Some writer argued that Bitcoin was adopted CAR to help Russia invade sanctions from the international community. Let's see how it goes in the future.

Sadly, centralised forms of power tend to adopt every possible measure to self preserve, irrespective of the interest of other (legitimate) stakeholders.
Bitcoin should act like a relentless market force, used to overcome such limitations by attrition.
When you see the orange coin being enacted as legal tender with a Law, an act of the very same institution that has the most to lose from Bit pin itself, you should ask yourself in which interest such a decision has been taken.

I would guess that this was taken so that they could get some taxes and make some money, that seems like the most common possibility and why most other nations have made it legal tender as well and they are putting some bitcoin as reserve currency as well.

This means that CAR is actually doing something like getting as much bitcoin as possible, from taxes or from investments or reserve currency or whatever and with a ton of bitcoins in their treasury, they will end up with a lot of leverage in the future when bitcoin goes up, they could even get a loan from somewhere when they show the value of the bitcoin as a collateral and would make it better.

BANGUI, May 24 (Reuters) - Central African Republic will launch the continent’s first legal cryptocurrency investment hub, the presidency said, extending the impoverished country’s embrace of digital finance despite words of caution from the International Monetary Fund.

Total countries in the World: 195

Countries accepting bitcoin as legal tender in 2022:
1. El Salvador.
2. Central African Republic

Countries accepting bitcoin as legal tender in 2021:
1. El Salvador.

Countries accepting bitcoin as legal tender in 2020:
-

... I think we go up parabolic soon :)

Those of us who live within the borders of the United States must accept official U.S. legal tender for the payment of debts. I believe that this is the only meaning of 'legal tender'.

I snipped out the last part of your post, where it seems you were on the right track as to what "legal tender" means, but it doesn't mean merchants have to accept it; it means the government has to accept it for payment of whatever debts their citizens owe them (like taxes).  A merchant is well within its rights to only accept bitcoin if it wants to, or USD, or whatever (at least in the US).

I haven't read through this entire thread, but I read the first page and it isn't clear to me why this is a such a big deal.  Everyone here is heaping praise on CAR for this move, but such praise was also heaped on Microsoft, Dell, and other companies when they started accepting bitcoin--and then there wasn't exactly an outcry when they stopped, which CAR could also do.  El Salvador could also revoke bitcoin's legal tender status as well, so the skeptic in me isn't jumping for joy about this news. 

What remains to be seen is how many people in those two countries actually use bitcoin to pay their taxes and whatever else.

     Q: I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn’t this illegal?

    A: The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled “Legal tender,” which states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.”

    This statute means that all United States money as identified above are a valid and legal offer of payment for debts when tendered to a creditor. There is, however, no Federal statute mandating that a private business, a person or an organization must accept currency or coins as for payment for goods and/or services. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise. For example, a bus line may prohibit payment of fares in pennies or dollar bills. In addition, movie theaters, convenience stores and gas stations may refuse to accept large denomination currency (usually notes above $20) as a matter of policy.

As noted above, however, although no federal regulation requires businesses to accept currency and coins as payment, local regulations may do so. Massachusetts has had such a law in place since 1978, and New Jersey enacted similar legislation in 2019. A few cities (e.g., San Francisco, Philadelphia) have prohibited stores from going cashless as well.

     Q: I thought that United States currency was legal tender for all debts. Some businesses or governmental agencies say that they will only accept checks, money orders or credit cards as payment, and others will only accept currency notes in denominations of $20 or smaller. Isn’t this illegal?

    A: The pertinent portion of law that applies to your question is the Coinage Act of 1965, specifically Section 31 U.S.C. 5103, entitled “Legal tender,” which states: “United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes, and dues.”
<...>

As noted above, however, although no federal regulation requires businesses to accept currency and coins as payment, local regulations may do so. Massachusetts has had such a law in place since 1978, and New Jersey enacted similar legislation in 2019. A few cities (e.g., San Francisco, Philadelphia) have prohibited stores from going cashless as well.

What remains to be seen is how many people in those two countries actually use bitcoin to pay their taxes and whatever else.

Rikki: We have already spoken in recent weeks of the new state that has been added to the list of two states that have adopted Bitcoin and cryptocurrencies as Legal Tender, we are talking about the Central African Republic. We have some news in this regard because in recent days an international delegation of Bitcoiner went to Central Africa at the direct invitation of the country and therefore of the government to advise the executive precisely on how to set up the first steps to build this very special Legal Tender. Those who follow us know, we had expressed more than one perplexity, because the situation in central Africa is very different from what appears to be in El Salvador. Well you must know Guybrush that we are sprawling like the Specter by now, because of the delegation that was sent to Bangui, the capital of the Central African Republic, nestled secret agents of the Bitcoin Italia podcast

Guybrush: "So we have some secret information !?"

R: More than one Guybrush among other things, more than one, the well-informed say, there is a report by MI5, of the British secret services, which seems to denounce the fact that there was more than one secret agent of the Bitcoin Italia Podcast present, and therefore we have news of the first hand as they say fresh; and I must say that they are also good news, we must celebrate because I was in constant contact with friends, colleagues who were present at this meeting and who therefore met the president who received them about twenty minutes after landing in the capital, and they tell me to be a very cultured man, very focused, and who immediately expressed to them the absolute will to want to do something that could really be an opportunity for the country and also for the people. it was a formal meeting, but the first impression that President Faustin-Archange Touadéra made was very positive we must learn this name: Faustin-Archange Touadéra.

G:Wait for me to try to say it: Faustin-Archange Touadéra.

R: Guybrush exactly.
After that, there were several days, 4 total official meetings in which we talked about the peculiar characteristics of the Republic of Central Africa as a nation. The delegation met the Minister of Finance and all his entourage, who explained to him how in reality behind this thing there is really the will to want to free himself from the African Colonial Franco system because precisely they have described to us how their economy is totally dependent directly on France. Think Guybrush, I didn't know, but France decides the state budget. The Central African Republic has been entrusted with a budget of the equivalent of US $ 300 billion in Colonial Francs. For comparison, $ 300 billion is 5% of Cameroon's budget.
So we are really talking about a start for what are the needs of the State and they are there you understand: it is as if France gave them pocket money: "keep it, little child, these are your 5 Euros, buy the candies and make them last until next week".

G: Well you have to see the history of the Central African Republic, maybe it is tormented by dictatorships

R: But of course yes, we have also told it of course, but the fact remains that until proven otherwise it is a sovereign state that is still subjugated and that they told us once again not it is such a poor state, we have said it: very rich in gold reserves, rich in gold deposits. Too bad that according to the agreements made after independence 85% of its gold reserves must be deposited in the French Central Bank, in France!

G:Ok, here it is already and it looks more like a half robbery though ..

R:Without speaking of the fact, according to our sources the finance minister continues, that the colonial franc in the last 10 years has devalued by 50%, and therefore has lost a bit the role of stablecoin, let's say, that it could have had in the 80s, 90s, and 2000s, were compared to other hyperinflationary national currencies of African states maybe it gave more structure to an economy that was however so fragile, for 10 years in this part it began to be artificially devalued by the French Central Bank.

G: So the only one using by now that could have this colonial instrument has also failed.

R: The speech that was reported to me was of a disarming frankness, that is, the government's position is: we are in a position to be able and willing to try anything, because there is nothing worse than that, understood. There really isn't anything. Besides my contacts, I also shot something from there, they sent me pictures, and it is very striking that we are really talking about a state in great difficulty. Bangui, the capital, has been described to me as a 9 square kilometre slum that makes Rio's favelas look like a luxury resort. Outside the airport of the state capital, the roads are not even paved, the houses are little more than a shack. They also tried to go around alone, don't forget, but in short, it is something you certainly do during the day at rush hour, certainly not at night to go dancing. So a real situation… there were indeed people who used to travel a lot; it was described to me as by far the poorest and most impoverished place, even at the very first impact, that they have ever seen. People are used to living and working in developing countries, not people used to Dubai.

G: So we have on the one hand the most advanced technological financial, political, and social instrument ever and in the poorest state ever.

R: Exactly, but with so many ambitions to change course, to take off a yoke that has been suffocating it for decades. When asked how your citizens will use Bitcoin since there is no internet, the answer was very clear: initially the law is to give an economic opportunity to the state, because in fact the country does not have the infrastructure, but it is investing: 10,000 kilometres of optical fibre will be inaugurated in July. So they are investing a lot to bring the internet as fast as possible to the population. Obviously, it is not something that will be done in six months, it is something that will take years, but it is in progress so there is a willingness to invest. there is a lot of interest in Bitcoin mining at the state level. There is a hydroelectric and solar expansion program also finalized and certainly triggered by Bitcoin mining, in order to be able to mine Bitcoin for the Central Bank of the Central African Republic. So in my opinion this other very positive signal the thing that I have and I found really cool and that this delegation has been invited a whole series of appointments including the first day they met so this happened on Thursday they met a delegation of entrepreneurs to whom they showed the functioning of the Lightning Network Payment Wallet, arousing, they tell me, an incredible enthusiasm in the small to medium sellers who had come to see the event. And if sometimes the Lightning network is magic for us, imagine what it must be like for a small dealer in Central Africa. And then on Friday, a big event was organized in the conference room of the African Center for the Economy and for the CEMAC Monetary Community. Invited 400 representatives of government, industry, industry and attention, not an insignificant detail, not only from Central African Republic but also from Gabon, Cameroon, Chad, Republic of Congo and Equatorial Guinea, so beware, where this application has been asked to do a presentation on Bitcoin and to answer some questions, talking about the experiences already accumulated by El Salvador describing the fundamental characteristics of Bitcoin and above all the speech substantially could have been titled "there is Bitcoin and there are shitcoins". That is, from the beginning the warning was rightly clear: if you want to have the support of the international community in your project, you must be clear: the protocol is Bitcoin. And if you want to get caught by Algorand, by Cardano, by people who are worse than your criminals, go ahead, but your project will be able to count on the ridiculous communities of 50 people of those projects without a future and without technology.

G: So the road is long because as you said point out, even if only to improve the technological infrastructure on which the company is based, the internet will take years. It is nice to see that at least the road is long but it is the right one. Here is a question in this case, do you know if from our Insiders you know why in the text we read two months ago they were mentioned, it was not exactly clear, only Bitcoin but there were also cryptocurrencies, which wanted to keep the doors open for any ...

R: From this point of view, there was just an admission of guilt that is the message that these delegates received was clear: we don't know shit, we desperately want to try to spend this card because for us it can only be an opportunity, come to explain to us, come and train us, help us: may the Bitcoin community around the world gather around the Central African Republic because we are interested in this opportunity. The law is written badly because we are incompetent: help us to correct it!

G: Well, let's say that it is betting on the Bitcoin community as far as being part of it I can guarantee that 99% of the members are in good faith and will be able to seriously help this kind of request but there will be difficulties that compared to El Salvador are not negligible. That is, then you say and as you told, evidently in this case the adoption will be first from above. So let's say from the state that it will implement some infrastructure, some technology and then from there instead. But in El Salvador they tried to do the opposite: they tried to start making people with Wallets use the Lightning ATM these things here is an approach that must necessarily be different because two geopolitical contexts are completely different but at least we appreciate that the intention is that good.
Not just one last piece of news that I know of is a scoop, I haven't seen it reported yet by any press so we know it first at the Bitcoin Italia podcast. Do you remember that when I spoke of the Legal Tender in Central Africa I spoke of the fact that there were suspicions of involvement in the law by a well-known scammer Ponzi Scammer entrepreneur of Cameroonian origin. Just as the delegation was still in Central Africa on Saturday, it was arrested on the territory of Central Africa, jailed and charged with fraud.

G: Good! That's a good sign already. Are we talking about a coincidence?

R: I do not know. I don't know it is difficult to say this we must not delude ourselves we said we are talking about a state where corruption is endemic and therefore it is not that that was the only bad apple that surely gravitates around the centres, the ganglia of power, or perhaps sitting directly in Parliament. But here I have to tell you the truth: I heard from my friends before they embarked to go to visit the country and to say that they were sceptical was little. Upon returning, I felt enthusiastic about them, and this is a good sign.

In reality, I have always read great things almost everywhere about the President whose name I do not remember, but I will study him. he is very erudite, he has studied and he seems very intelligent, so probably having to deal with him gives you enthusiasm because it is really a project in which you really go to change the lives of the people of an entire state. Bitcoin can do this, it has the potential to do it. If maybe for us the mass adoption of Bitcoin could have a different meaning, in a state like the Central African Republic you come back thinking fuck, I'm doing something good for humans. Here the enthusiasm must be what was probably conveyed. And this is the hopeful intent of the president of the Central African Republic. So far from all the signals, you tell and that I have perceived it seems to me that this is the intention. We hope not to be disappointed.

No no in fact obviously the conditional is always a must. But let's say that I respect the fear I had in seeing Bitcoin badly managed in a corrupt republic. I was already seeing the headlines: "Here is Bitcoin is really a scam" because this is what happened in Central Africa I am quite reassured. However, we will continue to closely follow what happens in the country and then continue to follow us because by now we always tell you but here we hear about Bitcoin as I do not tell anyone in Italy guys even with news and very fresh first hand from the official delegations that work for Legal Tenders around the world. But when does it happen again, guys!

Another good reportage from my friend at the BIP show.

You see the news of a delegation of Bitcoiner visiting the country.

Bienvenue à Bitcoin, Central African Republic! (https://galoy.io/bitcoiner-in-central-african-republic/)



Tho of the members of this delegation were "spies" of the BIP show. So they gave them a little feedback on their trip over there.

Here you have the translation.

The most important factor for the success of nations adopting Bitcoin as legal tender is political will. If the leaders are sincere and have no hidden agenda for the adoption of Bitcoin then the process would prosper.  Sincerity and seriousness would make them channel the necessary human, financial and material resources to ensure that the necessary systems and infrastructures are available for the smooth running of Bitcoin processes. From what I have read from the BIP show today, I believe or perceive that CAR have the political will. The country is drowning and is desperate to survive. They have been subjected to a brutal and heartless economic colonialism that have turned a country rich in profitable minerals to a beggarly nation. Hence they are willing to take any chance or risk. From the interview I can feel the desperation of the government of CAR. We know it would not be an easy and short journey, but the government is taking the right steps. Investing in Bitcoin education, infrastructures, internet facilities shows that the government is willing and serious to make Bitcoin a legal tender.
My fear is that politicians cannot be trusted and a change of government might lead to a change in government policy on Bitcoin. But for now I am celebrating this good news.              

I guess they were surprised. Generally speaking they are less prone to celebrating success of political initiatives. They have been wandering in El Salvador for almost two months, yet they are very skeptical about every political initiative.
Given the long track record in corruption and political ineptitude in CAR, I guess they are still sceptical about the future bitcoin law, but having this positive feedback from people familiar with the situation is a welcome news.

The government approach can help them spread awareness among them but how will they provide internet access to them as conditions are little better in El Salvador but still taking these big steps towards adoption are key to success in the long run.

Edited out

Is their goal slowly shifting away from Bitcoin as a legal tender to a government controlled coin?

Do you think the sango coin will receive mass adoption in the country?

Well this is just fresh news. There is no full story yet. But what do you guys think about this?

https://i.imgur.com/7FrJBob.png
https://twitter.com/WatcherGuru/status/1543679296224608263

Is their goal slowly shifting away from Bitcoin as a legal tender to a government controlled coin?
Do you think the sango coin will receive mass adoption in the country?

The most important factor for the success of nations adopting Bitcoin as legal tender is political will. If the leaders are sincere and have no hidden agenda for the adoption of Bitcoin then the process would prosper.  Sincerity and seriousness would make them channel the necessary human, financial and material resources to ensure that the necessary systems and infrastructures are available for the smooth running of Bitcoin processes. From what I have read from the BIP show today, I believe or perceive that CAR have the political will.

Unlike the unshaken and practical political will of the government of El Salvador, the Central African Republic adoption of Bitcoin as a legal has been viewed in some quarters as lacking merit and credibility. The Sango website has been closed (just giving countdowns) and the online framework document cannot be found. The whole Bitcoin issue in CAR is becoming very complex and complicated to understand. But government’s introduction of its own Sango coin is seems like a conscious attempt to shift citizen’s attention away from Bitcoin. Instead of putting more effort for the uses of Bitcoin, government would rather promote its own coin that could be controlled and manipulated by the CAR government.

Apparently they are being directed in a wearing way:

https://i.imgur.com/IjlUQ4H.jpg (https://twitter.com/excellion/status/1543692231512535041?s=21&t=l4aXd2MB-bpiu4xI0D1HKQ)

Coinbase is shitcoinery.
I wrote above they needed advice on Bitcoin, and apprently they were easy prey for Coinbase on the road to shitcoinery.

Is their goal slowly shifting away from Bitcoin as a legal tender to a government controlled coin?

Regardless of the government efforts to make Sango a household name in CAR, Bitcoin would be massively adopted than the national coin.

I think they will have big problems with this idea. It is very important that some developing countries try such that in the future more developed countries, looking at their mistakes, will already make really good cryptoeconomics in their state.

The Sango project’s plans include building a “legal crypto hub” aimed at attracting businesses and global crypto-enthusiasts, expanding the adoption of Bitcoin in the country, and creating a virtual “crypto island” — a special economic zone in the metaverse that will seemingly have an equivalent space in the physical world.https://cointelegraph.com/news/central-african-republic-president-launches-crypto-initiative-following-bitcoin-adoption?utm_source=thecryptoapp

Another Country Adopted Bitcoin as a Legal Tender.

Central African Republic adopts bitcoin as legal currency
 (https://www.msn.com/en-us/news/world/central-african-republic-adopts-bitcoin-as-legal-currency/ar-AAWEdfe)


This is the official document:

https://i.imgur.com/9k1RP8l.jpg


Translation for your convenience:



Here Following the Complete Text of the Law:

	https://i.imgur.com/F5dAxvn.jpg	https://i.imgur.com/5sjuMYr.jpg
	https://i.imgur.com/Ji4taKa.jpg	https://i.imgur.com/4enaBmU.jpg
	https://i.imgur.com/sgORdQB.jpg	https://i.imgur.com/2DWO4fA.jpg

Here you can find the law in Google Format, for readability and ease of use.

	https://i.imgur.com/Q7afR2U.jpg (https://docs.google.com/document/d/1Xpo3-ZuKzE0CwQO1U3K7eEllzgZ-kcnOgRmpWTqli-k/edit)	https://i.imgur.com/uFveegu.jpg (http://)
	ENGLISH	FRENCH

The news is not completely unexpected though, as Bitcoin Magazine published an article on the setting up of the legislation allowing this decision:

CENTRAL AFRICAN REPUBLIC LAUNCHES LEGAL FRAMEWORK FOR ECONOMIC USE OF BITCOIN (https://bitcoinmagazine.com/markets/central-african-republic-launches-legal-framework-for-economic-use-of-bitcoin)



Bitcoin Magazine produced another article on the matter:

THE CENTRAL AFRICAN REPUBLIC ADOPTS BITCOIN AS LEGAL TENDER
 (https://bitcoinmagazine.com/business/the-central-african-republic-adopts-bitcoin-as-legal-tender)



https://i.imgur.com/44b5Ufp.jpg (https://twitter.com/FA_Touadera/status/1519360822853926914?s=20&t=cdakKqrn1qD5NUTy8v8U6w)

We have to remember that The Central African Republic is in a monetary union together with other Sub- Saharian States, adopting the African Financial Community (CFA) franc.

This peg has been actively used by the French authorities to actively rule that region.
You can read more here:
True Sovereignty? The CFA Franc and French Influence in West and Central Africa (https://hir.harvard.edu/true-sovereignty-the-cfa-franc-and-french-influence-in-west-and-central-africa/)
Fabric of Reform Cover The Fabric of Reform (https://www.imf.org/external/pubs/ft/fabric/backgrnd.htm)

Plenty of opportunities here:
https://i.imgur.com/aGKSKZH.png (https://twitter.com/herrpuppekanin/status/1519751196348715008?s=21&t=jNaNIqzq3QFgVX_vbyNjXg)


CENTRAL AFRICAN REPUBLIC Cheatsheet:

CENTRAL AFRICAN REPUBLIC on Wikipedia (https://en.wikipedia.org/wiki/Central_African_Republic)
CENTRAL AFRICAN REPUBLIC on CIA World Factbook (https://www.cia.gov/the-world-factbook/countries/central-african-republic/)

Definitely Central African Republic is learning something pretty good from El-Savador's adoption and how they make not full dependency on the bitcoin adoption but also creates means to make good economic benefits out from the bitcoin adoption in their country, they have many plans in place in which through the bitcoin adoption can help increase their GDP, internal generated revenues IGR, in consideration with the introduction of their first world bitcoin tourist centre.

Now that Central African Republic is taking the moves in like manners to help increase active participation of their citizens with the use of bitcoin in their day to day economy is a bold step in consideration and they will make a better offers with benefits out of it, this action taken by CAR isn't a correction of their first move of adopting bitcoin but rather a continuation to progress thier adoption and make it available option for every of their citizens to make use of.

Good news because there will be a country that follows El Savador by legalizing Bitcoin, with facts like this so I do not hesitate and panic even though I see that the market is red, it's better to focus on continuing to buy because I'm sure many countries will soon follow the Republic of Central Africa.

The mirage is slowly disappearing and instead of the beautiful oasis, you still get that hyena den full of the bones of the ones that believe in it.

Today on the Italian bitcoinitaliapodcast.it they did a pretty interesting wrapup of the CAR situation.
They cannot explain this 180 degree turn into the worst shitcoinery.
As soon as I will regain access to my usual tech gadgetry I will try to post a translation here.

Delay the more detailed information by a few days...

Profit.

 :D :D :D :D

You have no idea where, in which conditions, and how I am writing these posts.
I am travelling on a secret mission…. Holidays.
Those kind of things require a certain tech setup.

You have no idea where, in which conditions, and how I am writing these posts.
I am travelling on a secret mission…. Holidays.
Those kind of things require a certain tech setup.

You have no idea where, in which conditions, and how I am writing these posts.
I am travelling on a secret mission…. Holidays.
Those kind of things require a certain tech setup.

I would like to know if really the adoption of Bitcoin is just a political prank or indeed for economic purposes.

The website of the Sango platform has been launched, registration and KYC passage are also now available, but the purchase of Sango tokens is not yet available, they promise to inform you about the start of sales of Sango tokens soon. https://sango.org/

When you take into consideration that CAR is one of the poorest countries in the world where majority of people don't even have electricity, its obvious what was behind this decision to make Bitcoin legal tender.


State sponsored ICO..what could go wrong.  :D

I hope that now even most optimistic people will realize that Bitcoin adoption in countries like CAR is nothing but a pipe dream.

I hope you are embarking on a secret mission to Central African Republic.

I would like to know if really the adoption of Bitcoin is just a political prank or indeed for economic purposes.

State sponsored ICO..what could go wrong.  :D
I hope that now even most optimistic people will realize that Bitcoin adoption in countries like CAR is nothing but a pipe dream.

They crammed everything, every single perk they could find in this coin.
And they plan to do all this with 21 billion tokens worth 10 cents each meaning 2 billion. Yeah right!

Are we sure the priority is a metaverse island?

And they plan to do all this with 21 billion tokens worth 10 cents each meaning 2 billion. Yeah right!

Just remember we are not talking about a developed county, but a third world country where the average income is 250 dollars.

When you take into consideration that CAR is one of the poorest countries in the world where majority of people don't even have electricity, its obvious what was behind this decision to make Bitcoin legal tender.


State sponsored ICO..what could go wrong.  :D

I hope that now even most optimistic people will realize that Bitcoin adoption in countries like CAR is nothing but a pipe dream.

I hope he isn't!
There is still war going there and a secret mission toa  warzone is not really that much of a holiday!

Just remember we are not talking about a developed county, but a third world country where the average income is 250 dollars.
Are we sure the priority is a metaverse island?

Hm, CAR has $250 average salary? This somehow seems way too high for one of the poorest countries in the world as I thought their average must be under $100.

Regarding the idea of "pipe dream," I would not be so bold (or bitcoin naysaying) as to proclaim that the mere fact that a country is either poor or strife with civil conflict that it would not be able to work towards some kind of integrity-based adoption of bitcoin - even though it seems pretty damned clear that integrity-based would not be including shitcoins in the mix (at least not in the early stages)..

Mhh you are probably right.
If I Look at the GDP per person in CAR I get 511 USD.

There are poor countries ( countries like El Salvador) and then there are countries like CAR which are several levels below that on absolutely every parameter. It's just that I don't see how country where only ~15% people have access to electricity can implement something as tehnically demanding, and bitcoin being legal tender definitely is. It's one thing to proclaim something and entirely different to actually implement it.

Beside them not having basic infrastructure, its also questionable how useful something as volatile as bitcoin would be in the country where people have issues buying food. Imagine being on such a tight budget that you can barely feed your family, and then bitcoin you got goes 10-20% down, meaning you won't be able to afford food.

CAR has much bigger issues to sort out before bitcoin can help them and that's why I think all this has been nothing but a stunt.

Imagine the level of poverty there when El Salvador (which is seen as a 3rd world country) has GDP per capita 8x higher.

Should metaverse be a priority anywhere?
Not even in a developed country the whole metaverse which, (no! not even going to waste my time on the whole virtual world concept rebranding to sell nearly useless stuff under a different name ) is a priority, it shouldn't be even for private companies that should stick to making jeans and shoes rather than selling avatars and land plots.

I can't wait for that podcast, I've gone through their Genesis Paper and there is so much stuff there than raises one truckload of questions, some really outrageous, like the integration of a healthcare monitor. Healthcare, what healthcare! Reading that and seeing on booking a hotel with barbwire in Bagui, I'm definitely curious about the reality on the ground, and! please tell me you're not the one investigating there!  ;D

I would guess that metaverse should be priority if you are building a proper game. I mean don't get me wrong, it shouldn't be something that is major and suddenly like "this is better than the real world!!!" type of deal, but it ain't a bad world to live in neither. We all remember the talks and hype about "ready player one movie is becoming a reality" and then we all saw that roblox/minecraft type of metaverse shit and realized how long we still have for that.

The Central African Republic is currently grappling with a severe food insecurity crisis, with estimates putting the number of severely food insecure persons at almost 2 million in April 2021 (more than 40% of the population). The chronic malnutrition rate is also extremely high and exceeds the 30% average.

79%of people live in poverty
27%of the population is displaced
3 million require humanitarian assistance
45% are food insecure
4.7 million population

they seem to embark on which could also bring a boost on their economy as the world can have access through their services via the Sango app from anywhere around the world,

Fillippone should go there..
Fortune favors the brave.

Seeing how JayJuanGee talked about El Salvador's fucked up and introduced Bitcoin as legal tender. El Salvador govt invested a huge amount of Bitcoin when the country was on the verge of debt default. Hey, would you look at that, plenty of African countries are in the danger zone too (pic).
The last thing the African govt needs to worry about is Bitcoin and more about getting their population out of poverty, just saying. Or at least, use blockchain to solve real problems like food, water, and education,...

Seeing how JayJuanGee talked about El Salvador's fucked up and introduced Bitcoin as legal tender. El Salvador govt invested a huge amount of Bitcoin when the country was on the verge of debt default. Hey, would you look at that, plenty of African countries are in the danger zone too (pic).
The last thing the African govt needs to worry about is Bitcoin and more about getting their population out of poverty, just saying. Or at least, use blockchain to solve real problems like food, water, and education,...

I am not sure if you are misstating me or not.

I surely would not make the conclusion that any country should eliminate the inclusion of bitcoin into any of their plans forward merely because they are in a precarious financial position.   Bitcoin is a financial instrument that likely could help countries that are in precarious financial positions, so the devil is likely in the details regarding how to employ it and how much, not so much wether.. but in any case, it is likely good for any country, local government, institution or individual to get their finances in some kind of order before they sloppily get into new things (such as bitcoin) without having some kind of a budget plan and then other considerations as well.. .which may be infrastructure and also various kinds of ways that their already set up in terms of types of industries or agriculture and of course, we talked about internet, electricity and/or cell phones. Surely some other considerations too.. but I doubt that bitcoin would need to be eliminated from consideration merely because finances are not so good in the country or there are other lackings as already mentioned.

Africa might have a large population of poor inhabitants but not all Africans are poor. Most of the countries mentioned in your post have some of the highest Bitcoiners in the world. Nigeria is an example of the Bitcoin revolution regardless of government restrictions. It is also very important to state that Bitcoin adoption would not necessarily need a perfect condition to function. The government doesn't need to build a special internet facility or electric power plant for Bitcoin operations, existing facilities can be used. And as the economic condition of the country improve, Bitcoin transactions would become better and popular. Food, water, and education are not the cardinal challenges of Africa but corruption is its main disease.

El Salvador govt invested a huge amount of Bitcoin when the country was on the verge of debt default. Hey, would you look at that, plenty of African countries are in the danger zone too (pic).

Africa might have a large population of poor inhabitants but not all Africans are poor. Nigeria is an example of the Bitcoin revolution regardless of government restrictions.

The government doesn't need to build a special internet facility or electric power plant for Bitcoin operations, existing facilities can be used.

15.5% of the country's population (as of 2020) has access to electricity.In rural areas, the share was 2.3%

I surely would not make the conclusion that any country should eliminate the inclusion of bitcoin into any of their plans forward merely because they are in a precarious financial position.   Bitcoin is a financial instrument that likely could help countries that are in precarious financial positions, so the devil is likely in the details

but in any case, it is likely good for any country, local government, institution or individual to get their finances in some kind of order before they sloppily get into new things (such as bitcoin) without having some kind of a budget plan and then other considerations as well.. .which may be infrastructure and also various kinds of ways that their already set up in terms of types of industries or agriculture and of course, we talked about internet, electricity and/or cell phones.

I mean, surely there are more other important things to do than chasing over the crypto hype, even to the metaverse crap. Bitcoin doesn't need that govt's support, stamp some paper and say we'll use it.

Before the govt came, users are already using it anyway.

All seem like a ploy to drain more govt's budget over something that meets little resistance because Bitcoin was cool and the trend now. Similar to the El Salvador case that people are quiet down compared to back then when everyone in bitcointalk hailed it as the second Christ coming.
Pure corruption from El Salvador and the next will be the African countries but hey, it was Bitcoin 'cool and chill' now so the public won't bat an eye.

Exactly, the details, that a lot don't want to hear because it breaks the mantra of the pure angelic savior.

Their only escape via Bitcoin from their precarious financial position is for Bitcoin to gain value, there is no other way,

but in order for Bitcoin to grow and help those countries, there is a need for a second buyer with larger pockets, which ironically will make them stand again at the mercy of the rich countries.

It's pretty easy to understand, quite clearly Bitcoin going down won't help anyone, Bitcoin going up will not happen if there isn't someone willing to buy at a higher price, and there are no poor persons able to do that.

Ironic, isn't it? Their escape from poverty means again depending on someone with deeper pockets, and we all know which those countries are!

There is something else needed before all that, but since I already know it will piss a lot of people, I'll just say go watch "empire of dust".
That needs to be taken care of first.

Central African Republic’s crypto coin launch underperforms expectations
Jonny Tickle

(bna IntelliNews)

The Central African Republic’s attempt to use its own digital currency to solve economic problems has gotten off to a slow start, amid questions about the wider economic situation.

The official currency of the CAR remains the CFA Franc, while it has also been recognised Bitcoin as legal tender, the second country, following El Salvador, to do so.

Earlier in July, the country launched Sango, a new government-backed crypto hub that will be home to crypto-related businesses and offer favourable tax policies.

Of the initial $21mn Sango Coin on offer, only $1.09mn had been sold by Tuesday morning (July 26), Reuters reports.  'A crypto project not selling out its initial mint is a poor sign,' Joseph Edwards, head of financial strategy at Solrise, a crypto investment firm, is quoted as saying.

The CAR, one of the world's poorest countries, announced in April that it would create a digital coin project to help boost the economy. It seeks to raise almost $1bn over the next year.

President Faustin-Archange Touadéra described Sango as a place for a “common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth.”

According to an estimate from 2020, nine out of 10 Central Africans do not have access to the internet, a prerequisite for using Bitcoin, the BBC reported.

The news comes from Bloomberg, relaunching an Intellinews piece. I wasn’t able to find the original news on intellinews website.
So, pinch of salt.

Bitcoin no doesn't work like that.
You are describing a ponzi scheme.. bitcoin is not a ponzi scheme.

Bitcoin has value in and of itself, and there are a lot of ways that can be shown and argued.

Sure you are free to have your theories about bitcoin being pumped and that it is price is above value and all of those kinds of ways of looking at it, but in the end, for your own good, it would be better that you at least maintain some kind of ongoing investing stake in it - sooner rather than later.. ..

We are looking at this matter differently because I am not presuming that any bitcoin investment theory is merely going to put poor countries back to the position that they were previously.

Market Coins 20.00% 4,200,000,000
Land Offering 10.00% 2,100,000,000 10 years locking period
Citizenship Offering 10.00% 2,100,000,000 5 years locking period
E-Residence Offering 10.00% 2,100,000,000 3 years locking period

No, what I'm describing is every investment on this planet, from shares to real estate to precious metals.
From the very basic definition of an investment, which has the final goal of generating either income or appreciation, I think we both know appreciation means a rise in value.
Now excuse my English but how the f* word would something increase in value if there isn't somebody paying more than you have paid for?

I don't see the car that I bought for 30k and I could barely sell for 10k increasing in value, I don't see bitcoin cash increasing in value and I don't see houses in Detroit increasing value, maybe because nobody pays more and more for them?

Bitcoin's properties were the same when Bitcoin was 1$ and will be the same when it will be 1 million.
From 60k to 2k nothing has changed, neither in the protocol nor in the way it works, what happened is that the basic laws of a free market kicked in and when the supply out with the demand then the price goes down. Just how the opposite happened for years when people were willing to pay more for one bitcoin with each passing day.

Because ....it will appreciate in value, right?
And how would I profit from this without somebody offering me more than what I paid for one coin?

I didn't focus that reply solely on you but rather on the 40 pages and nearly one thousand posts on the same topic about Salvador which claim Salvador will get rich because they are buying coins now and those will appreciate in value. But in order for them to profit from their investment, again, they will need someone to buy that stash from them at a higher price, right?

Back to the Sango coin,
https://i.imgur.com/9AftZGY.png
this thing doesn't match anything in the whitepaper


So god knows what's happening there.

Many people say that currently only small countries want to legalize bitcoin, but I'm sure 5 or 10 years from now more and more countries will legalize bitcoin, this of course is a start and makes us have to be optimistic about the future of bitcoin.

You are likely not technically incorrect to say that there is price appreciation when someone chooses to pay more for any item,

so if you are spinning a ponzi scheme angle, then it can sometimes end up coming off as not being a very genuine way of capturing ongoing value that is being built in bitcoin and not always reflected in the price.

I don't have any major disagreement with you on this point  

Bitcoin remains a good hedge, and sure the basic premise is that it is likely to go up in value with the passage of time and people are likely going to continue to be willing to pay more and more for it.

Nope.  They can still advantage in a lot of ways by investing into bitcoin and using bitcoin, and surely bitcoin is likely to continue to go up in value/price, but it is not an absolute condition precedent that bitcoin has to go up in price in order to profit from it...

Please do share with me an example where you buy Bitcoins, you send them in a cold wallet for 10 years, you don't plan on selling any of them, the value drops in 50% and you still "profit" from them...

And I know it's hard for you and I'm most likely trying to compete with mythical heroes here by accomplishing the 13th task that even Hercules himself wasn't able to do, a thing that was never experienced in the history of this forum since it was founded and has seen many contributions bad or good, long or short, funny or sad on it, but still, pulling myself together and thinking that this is a good time to ask, that this is an opportunity that might not arise for days or even years to come, knowing that you have strike while the iron is hot, I humbly and sincerely, truly sincerely, you don't have to ponder even for one second that there is an ulterior motive to my request, could you for probably the first time, I know this is much, but please bare with me...

Can you make that example in one line of text without going back and forth from the genesis to the end of the universe?
Simple as this:

Betty has 10 BTC in her cold wallet she bought at 40k per coin and she doesn't plan on selling it for 10 years.
How is Betty benefiting from BTC?

Please do share with me an example where you buy Bitcoins, you send them in a cold wallet for 10 years, you don't plan on selling any of them, the value drops in 50% and you still "profit" from them...

And I know it's hard for you and I'm most likely trying to compete with mythical heroes here by accomplishing the 13th task that even Hercules himself wasn't able to do, a thing that was never experienced in the history of this forum since it was founded and has seen many contributions bad or good, long or short, funny or sad on it, but still, pulling myself together and thinking that this is a good time to ask, that this is an opportunity that might not arise for days or even years to come, knowing that you have strike while the iron is hot, I humbly and sincerely, truly sincerely, you don't have to ponder even for one second that there is an ulterior motive to my request, could you for probably the first time, I know this is much, but please bare with me...

Can you make that example in one line of text without going back and forth from the genesis to the end of the universe?
Simple as this:

Betty has 10 BTC in her cold wallet she bought at 40k per coin and she doesn't plan on selling it for 10 years.
How is Betty benefiting from BTC?

I think that I already sufficiently explained a variety of bitcoin's value propositions that are not necessarily tied to price, and surely there is the insurance element - which is also part of the idea of hedging.. Hedges do not always pay off monetarily if you just look at one of them, but the general idea is that if you have your feet and hands in a variety of places, you are better off than just putting everything in one place, even if some of them might not end up paying off.

Otherwise, you have to figure out the matter for yourself, since you seem to be so smartie panties

I wouldn’t overcomplicate it, not planning to sell doesn't mean not being able to. So having an asset that has the least likelihood of failure when other assets will, is like having an ace up one’s sleeve. Having an asset that’s least likely to be able to get confiscated, is also like having an ace up one’s sleeve. So it will be there exactly when betty needs it, kind of like an insurance.

And if we look at the current state of the world, where are the 400k best placed in? You have to put it somewhere to really preserve it, even when not planning to sell.~Simply holding Bitcoin can be the difference between a complete wipeout or having preserved even something for a lot of people, this is game changing.

In the scenario you mentioned where Bitcoin would hypothetically have dropped 50% over 10 years(which has never happened), she could have still profited by still having access to it.
~
You never need an insurance, until you actually need it. And that’s where you benefit.

For now, not only small countries have legalized Bitcoin, but big countries like Qatar have not banned Bitcoin and even some investors from Qatar themselves really like cryptocurrencies, especially Bitcoin and are also trying to explore cryptocurrency by collaborating with certain parties. So I am more sure that in less than five years there will be several other countries that will legalize Bitcoin even though they do not immediately adopt it as a means of payment.

And that is exactly from where this debate has started, if CAR will be wanting to take the profits from BTC there must be somebody offering them something in exchange for those coins, so they need somebody else to be a believer and they need somebody else to pay a higher price to reach profit.

Please tell me you're not planning to be buried with your seed phrase and untouched coins!

In case of Central African Republic, at least they didn't converted any of their Forex reserves to Bitcoin (do they have any Forex to start with?). In case of El Salvador, they converted a large part of their forex to Bitcoin, and in addition to that they also setup facilities to mine cryptocurrency. Now they are in deep trouble, because the Bitcoin prices plummeted by around 70% from the peak levels. And actually this has discouraged other countries from taking a similar step, and make Bitcoin a legal tender in their jurisdictions.

But it was worth seeing you write only one and a half line at least once!

And that is exactly from where this debate has started, if CAR will be wanting to take the profits from BTC there must be somebody offering them something in exchange for those coins, so they need somebody else to be a believer and they need somebody else to pay a higher price to reach profit.

Again, how can you profit from something you're not using and how is Salvador profiting from the coins they hold in their stash?
Oh, of course, it's insurance, it's a deposit, but just like insurance, it's worth having only when you're able to cash in!
Please tell me you're not planning to be buried with your seed phrase and untouched coins!

I am. K nah just kidding. Ofc you have to ultimately be able to spend, if you wanna get something in return for it. Otherwise it would be broken.

In case of Central African Republic, at least they didn't converted any of their Forex reserves to Bitcoin (do they have any Forex to start with?). In case of El Salvador, they converted a large part of their forex to Bitcoin, and in addition to that they also setup facilities to mine cryptocurrency. Now they are in deep trouble, because the Bitcoin prices plummeted by around 70% from the peak levels. And actually this has discouraged other countries from taking a similar step, and make Bitcoin a legal tender in their jurisdictions.

In case of Central African Republic, at least they didn't converted any of their Forex reserves to Bitcoin (do they have any Forex to start with?). In case of El Salvador, they converted a large part of their forex to Bitcoin, and in addition to that they also setup facilities to mine cryptocurrency.

Now they are in deep trouble, because the Bitcoin prices plummeted by around 70% from the peak levels. And actually this has discouraged other countries from taking a similar step, and make Bitcoin a legal tender in their jurisdictions.

I agree that it would be best to attempt to have a plan for your bitcoins to either spend then all before you die or to have some kind of successor direction for your coins; however, it really does seem that there are going to be an ongoing continued questionable levels of succession and failures to safeguard keys in order that they can be passed down after death (and other ways lost coins).

And of course, we likely already realize that bitcoin does not die if large percentages of HODLers end up losing their keys during their life or at their death.

Im unsure, their Bitcoin law was introduced in june and came into effect in september 2021. Maybe they sold off some forex before this to purchase Bitcoin, but as we can see levels are already back to before.

I disagree, how it seems is that El Salvador is actually bettering financially and trying to payoff it’s foreign debt beforehand in the upcoming weeks, let’s see if it comes true. They’re definitely not solely betting/ dependent on Bitcoin, their holdings are relatively small.

To me it seems their approach is actually more thought out than CARs approach.

Yup, but then it’s also not impossible to recover the seedphrase depending on how well family members/ friends could have access to it. Recovering an unknown passphrase is hard, but not always impossible depending on what passphrase was chosen. Having a plan early will make things easier. Some coins will get lost forever, some will be recovered, some will be passed on.

Im also a fan of maintaining a healthy balance between spending and saving throughout life. Simply saving everything is pointless, because you can’t get time back, so you might as well spend enough when you’re still able to. But simply spending everything, never allows someone to build something.

I was not sure if that would be considered high or low, relatively-speaking as compared with other countries of similar sizes and debt levels, so I did a quickie look at Honduras, which is a similarly-sized country in terms of GDP, and they seem to have a bit more than double the amount of reserves that El Salvador has... at $8.9 Billion (if I am reading the matter correctly)

https://tradingeconomics.com/honduras/foreign-exchange-reserves

Honduras uses a crawling peg exchange rate that allows the Lempira to fluctuate by seven percent against the U.S. dollar in either direction (Resolution No. 284-7/2011). The peg is subject to the further restriction that any daily price be no greater than 100.075 percent of the average for the prior seven daily auctions. This secondary restriction limits devaluation to a maximum of approximately 4.8 percent annually (assuming the maximum devaluation daily). The Central Bank uses an auction system to regulate the allocation of foreign exchange. Commercial banks are required to sell 50 percent of repatriated foreign exchange earnings to the Central Bank each night.

Your other point (tadamichi) regarding the fluctuation seems to be valid in terms of El Salvador having had gotten back to where they were prior to mid-2021 .. and so at the same time it does seem to be good to attempt to understand what unit we are referring too and maybe someone can explain how countries use these kinds of reserves..

I would imagine that we might be able to see a crisis with any country if they had had a historical practice of keeping FOREX reserves at a certain level, and then they have ongoing trending downwards that's showing that they don't have money to cover various debts that they might have.. and in this case we realize that El Salvador has an upcoming loan that is in the several hundreds of millions that is coming due in early 2023, so if they are not able to roll it over, then they have to pay it, and maybe if they do not have funds available in any other place, then they would pay from their FOREX reserves?

and fuck shitcoins that CAR seems to be distracted in various ways.  

maybe it is always inconvenient?

It most likely is.

There are so many poor nations who are looking bitcoin as their liberation from poverty. These countries have very small economy, but they are liberating it for international investments. I think bitcoin is the way forward but big economies are not really ready to accept bitcoin out of insecurity to their conventional economy. But citizens  are enthusiastically doing it. Lets see what course will international economy will take. But bitcoin will certainly be an important factor shaping our future economy

Hahahaha

I am glad that you picked up on that point..  and, maybe I overstated the dynamics a wee bit?

Some people proclaim that they like working, and surely working seems to be way more enjoyable (and less inconvenient) when it is optional.. or if you are able to be in charge of your work place and work duties rather than having to follow a bunch of lame and sometimes contradictory directives or even to not have a whole hell of a lot of autonomy or other options that might be available (to choose not to perform that kind of work).. so in that regard, we must concede that there may well exist some scenarios in which work might not be so inconvenient when it is mostly optional and can be delegated

when it gets in the way of enjoying hookers, lambos and blow, for example.

I am sure many rock stars (once they have "made it") have periods in which they do not mind working, and sometimes they may be in a position to take some time off, and other times they don't.

Some people proclaim that they like working, and surely working seems to be way more enjoyable (and less inconvenient) when it is optional.. or if you are able to be in charge of your work place and work duties rather than having to follow a bunch of lame and sometimes contradictory directives or even to not have a whole hell of a lot of autonomy or other options that might be available (to choose not to perform that kind of work)
I am sure many rock stars (once they have "made it") have periods in which they do not mind working, and sometimes they may be in a position to take some time off, and other times they don't.

Life is too short to waste on these unsatisfying conventional jobs but one keep working because of the need to survive. I enjoy what I do but getting directives from rigid and archaic superiors that are bent on on maintaining status quo is killing me slowly. But because of the need to provide for my family I go back to that hell everyday. As I continue to wait for my investment plans to mature in the future, my greatest solace is my wife who spends moderately to ensure that we set aside our monthly investment savings. Once I am able to get returns from my investment that is able to meet the needs of my family, I intend to spend more time with my children and wife because where I find joy.    

Abstract
Sango is a trade language that belongs to the Adamawa-Eastern branch of the Niger-Congo
family, it was widely used in western Africa. Nowadays, it can still be encountered in the
northern part of the Democratic Republic of Congo and the southern part of the Central
African Republic, along the Ubangi River.
In the heart of Africa, there is a region that was omitted during the previous industrial
revolutions, hence an entirety of untapped potential for growth was forsaken. The whole of
Africa appears the way it does due to the fact that its transition to the 21st Century has
experienced a delay in several important sectors.
By 2030, the Sub-saharan region of Africa along with the rest of the continent, have the
potential to make significant progress towards the future. The young demographic, in
combination with the variety of untouched natural resources represent two very important
pillars that will drive this leapfrogging. Technology can be considered the third pillar that
would secure the realization of this progress.
Leapfrogging is the term used to refer to emerging economies which have underdeveloped
technology and rapidly move forward to the adoption of new, modern technology systems
without going through intermediary steps.
Through the democratization of resources located along the Ubangi River, access would be
obtained to the necessary funding that is required to enable the region's full development.
Employing the right technology is vital, in order to guarantee transparency and concurrently
support a newly created, digital-first economy, in the exact manner that a blockchain would.
This is another important pillar for paving the way to a brighter digital future.
In 10 years, the economy of the Central African Republic and neighboring regions can
experience growth on a large scale. For example, it may have the most skilled workforce,
use the newest technologies and build its entire infrastructure by employing contemporary
principles such as being sustainable and reliant on renewable energy. Moreover, the
democratizing of access to its mineral resources and the banking of the unbanked
population would exemplify the array of high end solutions.
Mobile-first technology and cryptocurrencies are already being used worldwide and
correspondingly have a presence in Africa as well. In fact, during the past few years, they
have experienced a large growth in African countries, placing them in the forefront of growth
in these fields. Due to the lack of access to banking and financial systems, Bitcoin has
proven to be the most efficient solution for cross-border transfer of money.
FIAT money is problematic when referring to Africa. Very high inflation, lack of access and
overseas monetary control, all are representative factors of an outdated system in search of
change. Digital currency could represent the solution to achieving a better future.
The Central African Republic has adopted Bitcoin as a legal tender starting with the 21st of
April 2022, and it is looking to build the first digital monetary system that is powered by
blockchain technology and backed by Bitcoin. By placing Bitcoin as the digital store of value,
the Central African Republic is looking to open its borders and provide the Bitcoin legacy
with further, tangible utility

Confidential Transactions: the use of a public blockchain, such as Bitcoin, is not
suitable for governmental activities, thus a privacy layer is required.

A Nation-wide e-government infrastructure is not feasible on a completely public
blockchain due to some of the modules requiring privacy protection

SANGO will be issued by a quorum of nodes controlled by Central African Republic
institutions, collectively known as the Institutional Quorum with democratically elected
members, including the presidency, ministers and National Assembly

Nonetheless, there is still work to be performed concerning the legal framework. By the end of 2022, the Central African Republic has pledged to publish dedicated legal guidelines for crypto.

In case of Central African Republic, at least they didn't converted any of their Forex reserves to Bitcoin (do they have any Forex to start with?)

Now they are in deep trouble, because the Bitcoin prices plummeted by around 70% from the peak levels. And actually this has discouraged other countries from taking a similar step, and make Bitcoin a legal tender in their jurisdictions.

Back to the Sango coin,
https://talkimg.com/images/2023/05/20/blob617749babf48df23.png
this thing doesn't match anything in the whitepaper

Does this imply that the Bitcoin blockchain is only suitable for individuals and companies and not nations? Is this whitepaper insinuating that the privacy of CAR can be compromised if they use Bitcoin blockchain directly? The paper painted a very good picture about sidechains without also considering that it has its own pitfalls.

The Sango project is live again with a unique and special "Sango Contest" opportunities for it citizens in their active participation in the ongoing Sango bitcoin project aimed at improving better lives on it's people, one of the things you need to do is to make a minimum of
$100 into investing on the Sango project, complete some of it social responsibilities tasks (https://contest.sango.org/?utm_source=twitter&utm_medium=social&utm_campaign=contest) this contest is aimed to benefit participants in building a new Africa through Sango bitcoin project while at the same time becoming a Central African Republic resident places you with these opportunities in having:

1. A Tax-free Crypto experience
2. E-residency
3. Sango coins
4. Land
5. Citizenship

All five in one outstanding benefits from the Sango bitcoin project and contest https://twitter.com/sangoproject/status/1561251416626368513?t=YUfCv14toAV6OBSNzBtk3Q&s=19 this country is with no doubt planning well to make lives better through it's bitcoin adoption for its citizens, they are taking some drastic steps just as in the case of El-Savador's progress with bitcoin adoption, they are indeed a good trail blazers.

Many bitcoiners are truly skeptical of any projects that create new coins, and frequently we wonder why they cannot just build upon bitcoin or lightning network or some second layer.. why do they need to create a new coin.

the creation of a new coin could be genuine, but it surely is going down the shitcoin path.. which personally, I would have less of a problem with their choice to incorporate some kind of a shitcoin leg if they had focused upon bitcoin first for something like 2-4 years..

Many bitcoiners are truly skeptical of any projects that create new coins, and frequently we wonder why they cannot just build upon bitcoin or lightning network or some second layer.. why do they need to create a new coin.

By the way, it seems to me that any country that is getting involved in bitcoin is going to need to be obligated to practices that are transparent regarding what they are doing, including providing some descriptions of how they are both safeguarding their use of BTC funds and even setting forth some plans regarding how the BTC funds will survive through any successor administration.. and even though I really appreciate El Salvador's various bitcoin efforts, they likely still are somewhat lacking in terms of some of their bitcoin funds transparency and their successorship plans in regards to those bitcoin that they currently hold and expect to hold at the time of any successorship.

A good thing when more and more countries legalize Bitcoin, I hope this will be a motivation for us to continue to buy and not care at what price because the great potential of Bitcoin can change our lives in the future.

The “Sango” project is believed to be able to increase the growth center of legal crypto, its aim is to attract businessmen and crypto enthusiasts, so that bitcoin becomes more widely adopted.
The President of the Central African Republic recognizes that doing all this requires support, so the legal framework needs to be refined, so that the bitcoin issue does not become a problem in the future.
This project is considered strategic and visionary in increasing sources of state revenue, with the law, it will certainly make it easier for crypto companies to enter and establish companies.
So the emphasis on the State is no longer a scary thing, with guarantees of corporate rights and other instruments, thus special economic zones will have the same space as in the physical world.

This president is quite visionary and able to read opportunities, because in fact no country can stop the Cryptocurrency revolution

The Sango legal framework has some drawbacks that might make investors doubt the sincerity of the government of Central African Republic. I am glad that the government have acknowledge that it should be refined to reassure investor that their investment is safe now and in the future. Also there should be a guarantee that even if the present Bitcoin friendly government leaves power, subsequent government would not abandon the Sango project.

Furthermore, for the Sango project to achieve its objective, the government should start implementing some of the infrastructural projects that it has proposed. What the world or investors need now is proofs, we need to start seeing pictures of the installation of internet facilities, electricity connections , Bitcoin educational programs, etc. Government actions would also propel or attract more investors.  

The Sango legal framework has some drawbacks that might make investors doubt the sincerity of the government of Central African Republic. I am glad that the government have acknowledge that it should be refined to reassure investor that their investment is safe now and in the future. Also there should be a guarantee that even if the present Bitcoin friendly government leaves power, subsequent government would not abandon the Sango project.

Furthermore, for the Sango project to achieve its objective, the government should start implementing some of the infrastructural projects that it has proposed. What the world or investors need now is proofs, we need to start seeing pictures of the installation of internet facilities, electricity connections , Bitcoin educational programs, etc. Government actions would also propel or attract more investors.  

If you do not have binding legal force and make Sango a long-term project, this will be a big problem, when the power changes in Africa, the government in this case has a view, so the launch of the Sango project is considered necessary.

but when viewed as a whole, the Sango project also has the advantage of touching the middle class in this country

The Central African Republic knows how to serve the people and prepare the infrastructure for technology development, this deserves great appreciation, for their initiatives, ideas and ideas

But it must be remembered, that this country is still lagging behind in terms of technology and infrastructure, from the population you mentioned, there are still quite a lot that have not been touched by technology, this is a challenge for the Central African Republic, so that this idea can be implemented according to their wishes.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

But it must be remembered, that this country is still lagging behind in terms of technology and infrastructure, from the population you mentioned, there are still quite a lot that have not been touched by technology, this is a challenge for the Central African Republic, so that this idea can be implemented according to their wishes.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

Surely there will be those who will oppose the efforts of the President of Touadéra in this regard, not those who are from outside the country, from people who are close to Faustin-Archange Touadéra have already reminded him, but he still insists that his efforts will not be in vain.

We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

If this is not done, then the legalization of bitcoin and the development of Sango will be hampered in reaching the lower classes, thus the Central African Republic, fails to ensure that its citizens accept the idea.

At least the steps taken by the President have become capital for the future, opposition will always exist in realizing anything, but I think the people are accepting requests now, it's only a matter of time?

When someone encounters a problem, what should be brought is the solution to solve the problem. If the problem experienced is over, the person will always be remembered for all time.
Faustin-Archange Touadéra's good plan should gain the support of his own people as the main capital of carrying out his vision of bringing the country's economic prosperity through Sango. Then the support of countries within the African continent is also very important to make this a success.

Imagine that when faustin-Archange Touadéra's efforts succeeded in accordance with the goal, the Central African Republic would become a country that could rebuild the shortcomings currently experienced. Of course, state revenue can also be increased through taxes that will be set and income from taxes received by the state also returns to the people with the infrastructure built.
To get to a better path is certainly not easy.

Tax revenue applies when the program has been running well, this is a mechanism after implementation, so that things related to taxes can be enjoyed again by the community. Regardless of any difficulties, but they need to work together to build what is planned

The tokens want to be a competition to Bitcoin, i.e. a general-purpose cryptocurrency (Example: Ethereum, Ripple ...). In this case I oppose these attempts, because a premined cryptocurrency can never be as decentralized like one distributed with equal chances for all participants, like Bitcoin

As you are probably aware, by decision no. 008/CC/22 from August 29th, 2022, the Constitutional Court of the Central African Republic has declared as unconstitutional the following Sango products: the Central African Nationality, the e-residence, the purchasing of Central African land and the tokenization of resources.

At the same time, the Constitutional Court decision came along with some very good news that confirmed the Sango Project – the Bitcoin and Cryptocurrency law that was adopted on April 22nd, 2022 and the use of the name Sango are in no violation of the Constitution.

But the country's top court deemed those purchases "unconstitutional", arguing among other reasons that nationality did not have a market value and that residency required a physical stay in Central African Republic (CAR), a decree showed.

The last weekend, I got an E-mail from the Sango project - with title "Dear Sango Friend", which is already pointing out some bad news happened - and indeed it was informing me that the Sango project suffered a setback in late August (I'm a bit surprised this still hasn't been mentioned in this thread):

It must also be remembered that we must support Faustin-Archange Touadéra efforts to be able to make its citizens happy like Touadéra's goal of making Sango a historical dent of the nation and continent as he wrote on twitter. Because if this works, then the existing shortcomings as you mentioned can be resolved.
We must campaign consistently for the success of the path that is not easy for Faustin-Archange Touadéra.

Hmm, so my dead Sango friend  ;D, does this mean you're a Sango investor or you just signed up for the newsletter?

I'm not an investor but if I was, then I would be upset.

Well, quoting myself :D

I'll however continue to follow the state of adoption of crypto/Bitcoin in the CAR. I think if done well it would be an opportunity for the country. For now it's not looking that good, but they can still get it right. For example, I would approve the E-residency plans, but not the resource/land grabbing opportunities. The problem may be that the country is so undeveloped that it may feel pressured to offer "something" to the investors, and land/gold/other natural resources seemed the "easiest" way to do so.

I'd however also be interested in your question if someone of this forum invested in Sango Coin. :D

The Central African Republic’s parliament has repealed legislation that gave bitcoin and other cryptocurrencies legal tender status. A new law amends an April 2022 statute that proved controversial among the CAR’s partners in the Economic and Monetary Community of Central Africa. The CAR legislature adopted the amended law unanimously on March 23.

Sorry for the bump but I thought this update could very much well fit in this topic

It's the only news article sating that Central African Republic made a U-turn on bitcoin being their legal tender. unfortunately the article has a paywall on it, so it's not possible to read the whole story.

I have tried to use way back machine, but I am unable to bypass the paywall  - https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender


This is what part of it says


Quite unfortunate, especially during the time when most banks and national currencies are on the verge of a complete collapse.

Sorry for the bump but I thought this update could very much well fit in this topic
It's the only news article sating that Central African Republic made a U-turn on bitcoin being their legal tender. unfortunately the article has a paywall on it, so it's not possible to read the whole story.

Hahahaha
They probably got a lot of pressure (and maybe bribed or bullied) by the IMF and the world bank.

Hahahaha

They probably got a lot of pressure (and maybe bribed or bullied) by the IMF and the world bank.

Hahahaha

They probably got a lot of pressure (and maybe bribed or bullied) by the IMF and the world bank.

I made a topic about this back in February:
What's happening in The Central African Republic?  (https://bitcointalk.org/index.php?topic=5439262.msg61737081#msg61737081)
Got zero traction, and nobody had a clue what was happening there, probably since the president is not every day on Twitter with laser eyes nobody gave a damn, just like Salvador seems like every single small country that does something for Bitcoin doesn't have a single user on this board as I haven't been able to find anyone from either Salvador or CAR on this forum to date,

As far as I manage to get from limited sources it was the ECCAS, and things got very muddy from there on.
It's some sort of economic union a bit like the EU, no, they don't all use the much-hated CAF, and the one members that opposed it are weirdly situated by any criteria, there isn't any real pattern whatsoever if anything, they are all more indebted to China than the IMF, the DRG is one of the Chinese strongholds in the area both in investment and debt and they were one of the against vote.

This news is two days old and no other news outlet have reported this news except the website centralbanking.com. I am sure that this kind of news would have gotten a wide coverage because many anti-bitcoin forces would have ensured that it occupies the front pages of most newspapers. Maybe after the President assent to the bill, it might get the right publicity if the news is genuine.

The economy of CAR is very fragile and prone to external manipulation mainly from France. Maybe the couldn't withstand the pressure from these external forces. Nevertheless, it was nice having them as one of the nations promoting Bitcoin and I wish the well.

Beside pressure from IMF and world world bank, one of the major obstacles towards adoption of Bitcoin is its high level of volatility which can make it difficult for businesses and individuals to adopt it as method of payment. Additionally, lack of necessary  infrastructure and resources  in many Asian and African countries to support mass adoption, which could further impede its wide spread use.

This news is two days old and no other news outlet have reported this news except the website centralbanking.com. I am sure that this kind of news would have gotten a wide coverage because many anti-bitcoin forces would have ensured that it occupies the front pages of most newspapers. Maybe after the President assent to the bill, it might get the right publicity if the news is genuine.

The economy of CAR is very fragile and prone to external manipulation mainly from France. Maybe the couldn't withstand the pressure from these external forces. Nevertheless, it was nice having them as one of the nations promoting Bitcoin and I wish the well.

This is great news. It was in a gray area for some times now. Now it is finally official news. China is also showing interest in crypto again. And I believe that this will have a great impact on the whole market. I myself think that this is a great decision for them to legalize Bitcoin.
And soon enough, we will see more countries to join hands in making Bitcoin their legal currency. Congratulation to everyone in the Central African Republic, who have been waiting for this for a long time. It Bitcoin legalization keep spreading like this, other countries will have no choice but to accept it as well. Waiting for that day.

Indeed, it is an exciting news for all crypto enthusiasts who always welcome such developments those can help to increase wide-spread acceptability of Bitcoin. The list of countries where Bitcoin is accepted as legal tender is now 7 and hopefully once regulatory issues are resolved on global level, we will see greater acceptability of Bitcoin as means to  to buy goods and services worldwide.

Which countries are the 7?  

Sorry, I was wrong, currently there are only 2 countries where Bitcoin is accepted as legal tender and they are EL-Salvador and Central African Republic. However Panama, Cuba and Ukraine are in the process of taking steps towards potentially adopting Bitcoin in future. More and more countries are likely to accept Bitcoin in future as the current financial system based on fiat currencies appears to be on the brink of collapse.


https://coinmarketcap.com/legal-tender-countries/

https://finance.yahoo.com/news/countries-may-next-accept-bitcoin-120030865.html

Sorry, I was wrong, currently there are only 2 countries where Bitcoin is accepted as legal tender and they are EL-Salvador and Central African Republic. However Panama, Cuba and Ukraine are in the process of taking steps towards potentially adopting Bitcoin in future. More and more countries are likely to accept Bitcoin in future as the current financial system based on fiat currencies appears to be on the brink of collapse.


https://coinmarketcap.com/legal-tender-countries/

https://finance.yahoo.com/news/countries-may-next-accept-bitcoin-120030865.html

I would be extremely cautious with those articles.
Monetary control is one of the most powerful leverage in the hands of any government, so I see extremely unlikely a sovereign government is going to accept bitcoin. El Salvador already was a dollarised economy, as the legal tender was the US Dollar, so the government already lost that leverage. In the CAR case instead the economy was so tiny, corrupt and fragile, that basically every other state apart of the current one would be an improvement.
But I would be extremely cautious on other countries.

I would be extremely cautious with those articles.
Monetary control is one of the most powerful leverage in the hands of any government, so I see extremely unlikely a sovereign government is going to accept bitcoin. El Salvador already was a dollarised economy, as the legal tender was the US Dollar, so the government already lost that leverage. In the CAR case instead the economy was so tiny, corrupt and fragile, that basically every other state apart of the current one would be an improvement.
But I would be extremely cautious on other countries.

~snip~
I just did some research and the level of confusion is high and the seriousness of those sources is often questionable. It says "countries where Bitcoin is legal", but that has nothing to do with legal tender. Saying that more and more countries are considering making it legal tender is definitely exaggeration. For most countries there is no incentive to do at this point. Why would they? What is their benefit from it? The legal implications would be huge because from then on your are allowed to settle every bill or every debt you have with Bitcoin. But just imagine how far we are away from everyone being ready to accept Bitcoin. Yes there are merchants, but it's really not the majority.

Regarding CAR, it seems there are news regarding Bitoin's legal tender status (https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender).

I just came across one of the most interesting articles for Bitcoin today even though it was created years ago. But I just discovered it now so there is one more country that might follow countries like El Salvador and the Central African Republic that have adopted Bitcoin and accept it as legal payment within their countries. Costa Rica could be one of the next countries to adopt bitcoin as a regulated payment method.

This week, Congresswoman Johana Obando introduced legislation to allow bitcoin and other cryptocurrencies to function as a form of payment. The bill also proposes that traditional banking institutions can function as crypto exchanges, including safekeeping and wallet services for their customers. Source: https://news.bitcoin.com/costa-rica-might-be-the-next-country-to-establish-bitcoin-as-regulated-currency/

There are some silent but important differences between legal tender and form of payment. A legal tender is a currency that is backed by the law and can be used to make payment for goods and services and can even be used to pay tax. The government also has the right to ban the use of other currencies apart from legal tenders. In El Salvador and Central African Republic Bitcoin is one of their main currencies and can be used to make any payment and citizens are mandated by law to accept it as a form of payment. One can be punished or sanctioned for rejecting it.

The congresswoman is proposing a bill to make Bitcoin a form of payment and not a legal tender. The people are not mandated to accept it by the law but people or companies can decide to use it as a currency or means of payment. Accepting it is optional which means somebody can reject it as currency. The government will make policies to regulate it and as in the case of Costa Rica, it will be highly centralized. Bitcoin is a form of payment in many countries but a legal tender in just two countries.

Legal tender, Bitcoin, Congresswoman proposing bills, my head is spinning! What does it all mean? Are we living in a simulation?

But, let's break it down. Legal tender is backed by the law, and you can use it to pay for goods and services, and even taxes. So, if I pay my taxes with Monopoly money, does that count?

And, Bitcoin is now a main currency in El Salvador and Central African Republic, and people are mandated by law to accept it.

So, if I don't want to accept it, does that mean I have to move to a different country?

But, wait, the congresswoman is proposing a bill to make Bitcoin a form of payment, not a legal tender. So, what does that even mean? Can I pay for my groceries with a hug?

In conclusion, let's just embrace the chaos and confusion and use whatever currency we want.

After all, money is just a made-up concept, right?

Total countries in the World: 195

Countries accepting bitcoin as legal tender in 2022:
1. El Salvador.
2. Central African Republic

Countries accepting bitcoin as legal tender in 2021:
1. El Salvador.

Countries accepting bitcoin as legal tender in 2020:
-

... I think we go up parabolic soon :)

Total countries in the World: 195

Countries accepting bitcoin as legal tender in 2022:
1. El Salvador.
2. Central African Republic
Countries accepting bitcoin as legal tender in 2021:
1. El Salvador.
Countries accepting bitcoin as legal tender in 2020:
-
... I think we go up parabolic soon :)

May I have one simple question? :)
Tell me - what has changed in these countries? More precisely, what has improved in the real economy? Has the standard of living risen? Has the economy received an impetus for development? Reduced tax burden? Have the country's gold and foreign exchange reserves increased? Has the number of loans and overdue liabilities decreased?

Asked whether CAR citizens should see the adoption of Bitcoin as a positive or negative thing, Lilacher responded “neither really, because I just can’t see adoption taking off any time soon. But having an alternative to the CFA and sending a signal to France that CAR wants to have more currency independence is a positive in my eyes.”

He added: “However, that can also come with repercussions as there are powerful institutions like the International Monetary Fund, for example, which CAR has to deal with, that are not happy about countries adopting Bitcoin. So there could be challenges that the government will have to deal with.”

May I have one simple question? :)
Tell me - what has changed in these countries? More precisely, what has improved in the real economy? Has the standard of living risen? Has the economy received an impetus for development? Reduced tax burden? Have the country's gold and foreign exchange reserves increased? Has the number of loans and overdue liabilities decreased?

~ snip ~

I'm sure a more compound and precise answer can be found regarding your question, but I thought giving you a few examples of the situations currently happening after El Salvador's legalization of Bitcoin may give you a good insight.

The situation with CAR refusal to legalize bitcoin was accepted by the government of this country for several reasons. 
First of all, the country itself is very poor and about 80% of the population needs humanitarian assistance.  In addition, about 80% of the population live without electricity.  And of course, almost nowhere, except for the capital Bangui, there is no Internet access. 
Also, international organizations, UN and  IMF reacted negatively to the Bitcoin legalization law adopted in CAR in 2022. 
As a result, this country simply does not have a set of necessary conditions for mass Bitcoin payments.  Nevertheless, as I understand it, both the President of the Republic of Faustin-Archange Touadéra and the Parliament of the Republic as a whole have a good attitude towards cryptocurrencies and even try to use some of their tokens (Sango token) for different purposes. 

CAR example shows that not all countries can effectively legalize bitcoin payments.  All the same, there must be at least a certain minimum level of technological development and the necessary level of education of the population. 
By the way, in some African countries the conditions are much more suitable.  For example in Nigeria.  And there I think the process of accepting bitcoin payments will go much faster. 
Well, CAR will simply remain in the history of the African continent as the first country to try to legalize bitcoin.

To be honest with you, as I was doing research to answer your question I too am curious about the current status of El Salvador after accepting Bitcoin as a legal tender, I was expecting good changes but all I got are pretty bad ones. Here are the three things I found (which I hope answers your questions):

1. Credit agencies downgraded El Salvador's creditworthiness. This means that credit agencies see it as a great risk for them to lend money to El Salvador and hence higher interest rate is given to any debt acquired by the people of El Salvador. (Source: https://tomorrow.city/a/el-salvador-bitcoin-legal-tender#:~:text=As%20a%20result%2C%20shortly%20after,debt%20acquired%20from%20now%20on.)

2. In reality, despite the law mandates all firms to accept Bitcoin, only 20% do so. People in El Salvador still highly prefers to keep their money in cash rather than Bitcoin. 88% of firms convert their Bitcoin into cash. (Source: https://www.nber.org/digest/202207/el-salvadors-experiment-bitcoin-legal-tender)

3. A lot of complaints are being stated by businessmen and the general population of El Salvador such as the Bitcoin ATM being too far away, the government helpline being slow, and the price being too volatile. These issues result in most businesses giving up on Bitcoin and reverting back to cash transactions. (Source: https://restofworld.org/2022/el-salvador-bitcoin/)

I'm sure a more compound and precise answer can be found regarding your question, but I thought giving you a few examples of the situations currently happening after El Salvador's legalization of Bitcoin may give you a good insight.

Unfortunately the problem is that there will be no positive answer.....
First of all, you need to understand that bitcoin/blockchain is not money, it is a TECHNOLOGY.

Next...
First of all - the point is that bitcoin is not "Harry Potter's magic wand", when with one stroke something "unlikeable" can be turned into "beautiful" :)  

Secondly - you can't cure the economy by simply changing the means of payment.

Thirdly - for any economy, the lack of the ability to issue additional funds is a huge problem.

Fourth - volatility ....

All this clearly says - bitcoin can't help improve the standard of living of the population or fix the economy.

Unfortunately the problem is that there will be no positive answer.....
First of all, you need to understand that bitcoin/blockchain is not money, it is a TECHNOLOGY.
Next...
First of all - the point is that bitcoin is not "Harry Potter's magic wand", when with one stroke something "unlikeable" can be turned into "beautiful" :) 
Secondly - you can't cure the economy by simply changing the means of payment.
Thirdly - for any economy, the lack of the ability to issue additional funds is a huge problem.
Fourth - volatility ....

All this clearly says - bitcoin can't help improve the standard of living of the population or fix the economy.

.....

I could argue with you at length, and I could make arguments, but-- I don't see the point. A good answer to prove YOUR point would be a detailed answer, with concrete data, to my simple question: name the country/countries where the introduction of bitcoin as a domestic currency (we both understand the difference between currency and means of payment) has helped solve economic problems, change the situation for the better, and improve economic performance.

I admit that I was wrong, and you are right only in the case of: the name of at least 1 country, and the real indicators of the economy before the introduction of bitcoin and indicators of the economy and living standards of the population, after the introduction of bitcoin ? And of course it must be a real country, with a real economy !

Otherwise - your long post is just your fantasy - don't take offense :)

PS I've known bitcoin for a long time, and earlier I also "hovered in the clouds", thinking that here is a new financial system for the world, ideal !... Then "came down to earth", sorted out the reality, and ... Now I adhere to a slightly different position :)

Well, it can, in a way... Bitcoin can help attract foreign investors who are looking for a quiet Bitcoin-friendly place, perhaps for retirement. Remember Bitcoin City project in El Salvador?   

Get the fuck out of here.

I don't have any burden or obligation to try to make any kind of case to establish that bitcoin has improved some country in order to make my earlier point that was largely asserting that your earlier post was full of shit.  You are the one who has the burden to prove your case rather than me.


Again, there is no need for me to make any argument about anything or to point to anything.  Bitcoin is a world-wide phenomena and there are several countries around the world that are taking bitcoin into account, with various kinds of legislation, various  levels of allowance and disallowance, and little by little bitcoin is seeping into all countries... it is like a grass roots up phenomena or like a trojan horse.. little by little is going to continue to eat away at all the inferior monies around the world and its various network effects  (https://nakamotoinstitute.org/mempool/the-seven-network-effects-of-bitcoin/)are going to continue to grow and build.


This does not make any sense.  I was not setting forth any vision.  I was merely responding to your various mostly illogical points.
 

Let's try to deal with the what is going on rather than making shit up. 

Bitcoin is what it is, and it has been in existence for nearly 15 years and growing the whole time, and you can call it whatever you like, but to me it seems to be ongoingly growing.   Do what you like, and have whatever perception that you like.  Hopefully, if you have a decent time longer to live, then you are not too late
to get some in case it catches on a bit more than it already has.  But hey, again, you can do what you like in terms of whether to get into bitcoin and if so how much to get in.  If you choose to continue to stay out, then that's your choice, too.

name the country/countries where the introduction of bitcoin as a domestic currency (we both understand the difference between currency and means of payment) has helped solve economic problems, change the situation for the better, and improve economic performance.
I admit that I was wrong, and you are right only in the case of: the name of at least 1 country, and the real indicators of the economy before the introduction of bitcoin and indicators of the economy and living standards of the population, after the introduction of bitcoin ? And of course it must be a real country, with a real economy !

So, once again - your position and "arguments", are "normal" :)

Do we need to be proven first to know that the advent of bitcoin has really help people around their inhabitants?
Yes naturally bitcoin hasn't changed or stopped any economy crisis but I can say that since the introduction of bitcoin it has reduced the unemployment rate in most of the Africans countries especially "Nigeria" I can imagine series of men involving themselves into bitcoin trade, while some in one way involved themselves into freelancing jobs and they got paid through bitcoin or any other cryptocurrency out there.

There are some people who are opportunist, they ventured into bitcoin investment at the appropriate time and today they are one way or the other made, I think it's a good example to say introduction of bitcoin has really help in reducing and eradicating (eradicates) the unemployment rate in the globe especially those countries that is found fully involved in bitcoin usage ( these include: trading, investment, mining etc).

For bitcoin to be introduced as a local currency it would be something that is globally legalized as a means of payment and even as that I don't think that could easily eliminate fiat in their position rather it could be an additional payment options instead of replacing fiat entirely. Between I can't see any digital currency to be a competitor of fiat rather seem to act collectively to scale up the means of payment method as they works together as one currency.

Do we need to be proven first to know that the advent of bitcoin has really help people around their inhabitants?
Yes naturally bitcoin hasn't changed or stopped any economy crisis but I can say that since the introduction of bitcoin it has reduced the unemployment rate in most of the Africans countries especially "Nigeria" I can imagine series of men involving themselves into bitcoin trade, while some in one way involved themselves into freelancing jobs and they got paid through bitcoin or any other cryptocurrency out there.

There are some people who are opportunist, they ventured into bitcoin investment at the appropriate time and today they are one way or the other made, I think it's a good example to say introduction of bitcoin has really help in reducing and eradicating (eradicates) the unemployment rate in the globe especially those countries that is found fully involved in bitcoin usage ( these include: trading, investment, mining etc).

For bitcoin to be introduced as a local currency it would be something that is globally legalized as a means of payment and even as that I don't think that could easily eliminate fiat in their position rather it could be an additional payment options instead of replacing fiat entirely. Between I can't see any digital currency to be a competitor of fiat rather seem to act collectively to scale up the means of payment method as they works together as one currency.

ANY speculative business provides "new jobs". The problem is different - these jobs do not create the real sector of the economy, do not create added value. And if you also take into account the volatility of bitcoin - then answer this question: those some Nigerians who started making money by selling bitcoin to their fellow citizens for 60,000 dollars, what did they do with them? Honestly, without embellishments ? I am not going to give a graph of bitcoin value here, but whoever bought bitcoin "thanks" to these "working men" in November 2021 or April 2022 now have what ? That's right - half as much money. Understand - speculation brings income to some at the expense of losses of others. So the topic from one side is positive, but if you look from all sides - not everything is so positive ... If bitcoin is so good and gives easy to earn - why you do not deal only with it, and did not build your business empire ? :)

ANY speculative business provides "new jobs". The problem is different - these jobs do not create the real sector of the economy, do not create added value. And if you also take into account the volatility of bitcoin - then answer this question: those some Nigerians who started making money by selling bitcoin to their fellow citizens for 60,000 dollars, what did they do with them? Honestly, without embellishments ? I am not going to give a graph of bitcoin value here, but whoever bought bitcoin "thanks" to these "working men" in November 2021 or April 2022 now have what ? That's right - half as much money. Understand - speculation brings income to some at the expense of losses of others. So the topic from one side is positive, but if you look from all sides - not everything is so positive ... If bitcoin is so good and gives easy to earn - why you do not deal only with it, and did not build your business empire ? :)

I think bitcoin can only create additional opportunities to the inhabitants but as a means of restoring a fallen economy is something I can't say with all certainty.

You are absolutely correct!

I recall in about 2017, a person came to me, and he bought around $5k worth of bitcoin and the BTC price was then around $15k, so let's say that he got around 0.333 BTC for the amount that he gave me, and about 6 months later he came back to me, and the BTC price was around $6k, and he told me that he wanted to sell his BTC back to me. I told him that I thought that it was a bad idea.  I told him that if he had been in for the long term when he bought then he should either just wait it out or he should be buying more BTC and not selling BTC, yet he told me that he needed the money, and so I told him no problem.  I will buy back his BTC, so I ended up giving him right around $2k for the same BTC that he had bought for $5k...and I am not even sure what happened to him because I had ONLY met him for those two transactions and he is the one who would be responsible for his decisions regarding when to buy and when to sell, and I personally was an overall buyer, since any time that I sold bitcoin during those kinds of times, I would replace my bitcoin (buy and replace), so my selling and then subsequently buying bitcoin from him did not really make much of a difference to me in terms of my overall BTC balance at that time, except maybe I would have had skimmed a few percentage points off the top in order to accumulate a bit more BTC out of the deal.

It is a good example how individuals can be driven by financial constraints to book losses when they take entry in Bitcoin market with the sole intention to make quick profit without implementing any form of risk management strategy. Your decision to buy back Bitcoin at lower than your initial selling price was a well thought decision rooted in your long term strategy. This scenario underscores that inherent volatility of Bitcoin market is a gift for those who know how to effectively manage risk.

It is a good example how individuals can be driven by financial constraints to book losses when they take entry in Bitcoin market with the sole intention to make quick profit without implementing any form of risk management strategy. Your decision to buy back Bitcoin at lower than your initial selling price was a well thought decision rooted in your long term strategy. This scenario underscores that inherent volatility of Bitcoin market is a gift for those who know how to effectively manage risk.

It is a good example how individuals can be driven by financial constraints to book losses when they take entry in Bitcoin market with the sole intention to make quick profit without implementing any form of risk management strategy. Your decision to buy back Bitcoin at lower than your initial selling price was a well thought decision rooted in your long term strategy. This scenario underscores that inherent volatility of Bitcoin market is a gift for those who know how to effectively manage risk.

This is the best example of cryptocurrency failing to positively impact the economy and the masses.

90% of the world's population doesn't even have a more or less significant "financial cushion"

, and most importantly, they have no financial education or idea how it all works.

The almost total majority of "hamsters" (home users) who rushed to buy crypto in 2017-2021 - were focused on the fabulous prospects of getting rich "in a week". In the end - all of them suffered losses, as they were simply neither financially nor morally ready to invest for a long period of time.

And these 90% of the population have a need for money - daily.

And here volatility plays a cruel joke with them - they go to buy their last 5000 dollars bitcoin, and a month later... sell it for 2000 dollars. And their life gets even worse. It will be the same with the economy, which someone will try to build in the current situation, on bitcoin. That's what we need to prove.)

That's why there is no positive answer to the simple answer - which country/economy bitcoin helped to improve the situation - no positive answer.....

There's a positive answer if you are willing to open up your eyes and figure out to deal with volatility, since one of the most inevitable things in bitcoin is that it is going to continue to be volatile, and there are ways to deal with that in order to see the positivity of the matter both financially and psychologically.

Volatility is inherent feature of all risky assets markets, offering opportunities for investors to enter or adjust their positions. In the  case of Bitcoin, the intensity of price fluctuations is comparatively higher, making it a defining characteristics of this digital currency. While managing this high volatility can be a challenging task, there are ways to deal with it and find positivity in both financial and psychological perspectives. One effective approach involves adopting a long term investment mindset when dealing with Bitcoin.

There's something that can never be argued because we know too well that the rise of bitcoin is gain or profits of another while the fall is lose to another but the tendency to utilize this opportunity then lies in the hands of the holder be it a trader or whatsoever.

Well I won't argue with you at some point because, any falling or fallen economy can never be built through bitcoin introduction, as I believe is left on the hands of their government to take appropriate care of their economy, I think bitcoin can only create additional opportunities to the inhabitants but as a means of restoring a fallen economy is something I can't say with all certainty.
You are absolutely correct!

What if you are appointed as a bitcoin investment manager by the Central African Republic? Would you consider the 4-year cycle of bitcoin? Will you buy and accumulate 2 years earlier until its next halving and then sell them after the halving year? I am not sure if the big financial institutions are doing this but more likely that some of them as already into this type of strategy.

The volatility of bitcoin will continue until it reaches its long-term potential. Maybe if the whole valuation of bitcoin reaches double digits in trillions of dollars its price will have difficulty making big waves. 

You sound retarded... and as a disingenuine poster.

Everyone is responsible for their own timing in regards to when to get into bitcoin and how to get into bitcoin, and neither the seller nor the buyer is more able to predict the future, even if your assumption might be correct that the person holding BTC likely knows more about bitcoin than the person buying the BTC, especially if the buyer is a newbie and the seller happens to have been in bitcoin for several years, but even the asymmetric knowledge does not cause the transaction to be immoral or unethical or even unfair to the buyer.

I recall in about 2017, a person came to me, and he bought around $5k worth of bitcoin and the BTC price was then around $15k, so let's say that he got around 0.333 BTC for the amount that he gave me, and about 6 months later he came back to me, and the BTC price was around $6k, and he told me that he wanted to sell his BTC back to me. I told him that I thought that it was a bad idea.  I told him that if he had been in for the long term when he bought then he should either just wait it out or he should be buying more BTC and not selling BTC, yet he told me that he needed the money, and so I told him no problem.  I will buy back his BTC, so I ended up giving him right around $2k for the same BTC that he had bought for $5k...and I am not even sure what happened to him because I had ONLY met him for those two transactions and he is the one who would be responsible for his decisions regarding when to buy and when to sell, and I personally was an overall buyer, since any time that I sold bitcoin during those kinds of times, I would replace my bitcoin (buy and replace), so my selling and then subsequently buying bitcoin from him did not really make much of a difference to me in terms of my overall BTC balance at that time, except maybe I would have had skimmed a few percentage points off the top in order to accumulate a bit more BTC out of the deal.


It's quite probable that the invention and introduction of bitcoin results in an increasing of the size of the pie because more kinds of economic activities become possible and greater number of human activities and development are also made possible through several of the contributions of bitcoin into society.


You (SmartGold01) are likely being overly generous to be suggesting that DrBeer is actually correct about anything meaningful and/or materially relevant.. but hey you are free to come to your own conclusions regarding the arguable value, if any, of DrBeer's posts.

.....

It is good to attempt to develop bitcoin related skills that might go beyond merely buying bitcoin, and it may not even be necessary to develop any bitcoin related skills beyond merely making sure that you don't lose your coins.

Otherwise getting involved in bitcoin may well be bonus skills  -that may additionally help out people who learn those skills, but again there is likely going to continue to be a lot of individual variation regarding the extent to which bitcoin skills are developed beyond merely buying and holding bitcoin...there is also risk that comes from engaging in businesses that could cause someone who might have otherwise been bitcoin profitable to not be profitable because of engaging in a business... and I am not necessarily not to engage in those kinds of activities, because engaging in bitcoin related businesses, may well end up contributing towards compounding of the returns..

What if you are appointed as a bitcoin investment manager by the Central African Republic? Would you consider the 4-year cycle of bitcoin? Will you buy and accumulate 2 years earlier until its next halving and then sell them after the halving year? I am not sure if the big financial institutions are doing this but more likely that some of them as already into this type of strategy.

The volatility of bitcoin will continue until it reaches its long-term potential. Maybe if the whole valuation of bitcoin reaches double digits in trillions of dollars its price will have difficulty making big waves.  

Absolutely agree with you. To summarize, the situation will be like this:
1. Bitcoin will never save, any economy. For a simple reason - it cannot do it
2. Bitcoin is a good means to make money on speculative transactions. Yes, let me remind you again - cryptocurrency today is absolutely a speculative asset.  Well, or an opportunity to make money for not very honest people who can take advantage of the current problems of bitcoin owners and capitalize on them.

Everything else is fairy tales and dreams :)

We are all human with sense of reasoning, I mean with various ways judging and analyzing topics and issues at hand. From my own little ways of understanding although I can never be as you or even haven to compared and equates myself to your standards but only responding according to my own capacity and knowledge.
If actually what you sees as something not worthy to be agreed on then you should only see it as within my limits, which in time to come I may get to such level of understanding to realise worth I do see and take to be good is actually not worthy of being as good as I think, so pardon me for that and this doesn't mean I won't upgrade my wisdom bank because already I have also factored out my lapses and come to understand and that things aren't that correct in the eyes of everyone depending on the areas of view and perspection.

However, the truth must always remained the same it's a matter being rational towards a simple discussion or ( must say that what we all discussed must be as no can say something else) we are all of different version of knowledge which yours can't be quantified as ours (or lemme say of me than any other) but I must thank you for the great input towards this whole discuss, though I can see to be little disagreement btw you and DrBeer but that doesn't mean we shouldn't give that honor to say you are right.

We started the conversation with "bitcoin will save the world and countries and economies", in the end, expectedly came to the fact that:
- it will help those who have sufficient funds
- who understands volatility and knows how to capitalize on it.
- all residents should have knowledge of financial literacy and "hygiene".
- It is necessary to invest in the long term
- ...

Total set of rules for a financially literate, wealthy player in the crypto market :)
I.e. it is not a panacea, but a tool that you still need to learn how to use, and to use it you need to have certain characteristics.

I can tell you, in the same format, that the world and the economy of any country will be saved .... tomatoes ! The matter is small - you just need to have land, equipment, planting material, market, fertilizers, hired workers, long-term supply contracts - any economy and any person is saved, if you just do:))

In general, what I was talking about above?
1. Bitcoin/cryptocurrency will not save the economy/state.
2. Bitcoin/cryptocurrency is a tool to make money for a small group of people.

I perfectly understand that after the hype of 2017, people have another "pink dream" - to get rich quickly on the crypt ... But it will not happen. Everyone will not earn, EVERYONE will not get rich. Few of the dreamers will get the real result. But you have to be realistic!

Volatility is inherent feature of all risky assets markets, offering opportunities for investors to enter or adjust their positions. In the  case of Bitcoin, the intensity of price fluctuations is comparatively higher, making it a defining characteristics of this digital currency. While managing this high volatility can be a challenging task, there are ways to deal with it and find positivity in both financial and psychological perspectives. One effective approach involves adopting a long term investment mindset when dealing with Bitcoin.

Long term investment will be suitable option for those who don't know about market so in the timing of their holding they will be involved in operation of market too without risking their asset because their holding will be for prolong timing and in that duration they will be able to learn well.

This will not be possible in an economically backward country, and there will be no benefit in launching projects in this regard. Citizens in Central Africa suffer from great problems due to the spread of illiteracy and early dropout from school. How do you expect them to know how to take investment precautions?
The poverty of the infrastructure makes the project of adopting bitcoin as an official currency like giving a gun to a primitive person, you cannot expect what he might do with it and the closest that he will harm himself.

You seem to be referring to position size @coupable rather than not doing it, even though your conclusion is that CAR should not do it rather than figuring out a way to employ a small position size that might be 1% rather than 5% to 25% for a more healthy economy / country / government... and maybe they are in a position that even 1% might be too high, I am not going to proclaim to know their specifics, even though I know that a lot of countries have pretty screwed up economics and varying levels of irresponsibilities in terms of how far they place themselves into debt in comparison to the amount of income that they are able to produce in the country including being able to tax such income if the enterprises are not directly government owned....

For a nation to get the best out of bitcoin, a two or four-year plan will not be appropriate. The country should have a long-term term strategy. This is because using the four-year cycle doesn't guarantee profitability. Central African Republic lacks the political will to pursue and remain on track in the bitcoin race. The nation's lofty vision was not backed with the needed actions and external influence was too much for them to bear making them prematurely abandon the project. However the failure of CAR has not deterred Africans from embracing Bitcoin, and its adoption is spreading like wild fire in Africa.

I agree with two of your points which are:
1)  you and your ideas are fairy tales and dreams.
and
2) cryptocurrencies (not talking about bitcoin) are speculative to such an extent that the vast majority of them are some form of scam in terms of printing money and/or affinity scams upon bitcooin trying to seem like or to be like bitcoin.

Your point about bitcoin not being able to fix countries is lame, and surely improvements to any situation is likely a product of multiple things going on, and bitcoin would not be the ONLY thing that is going on but within a package of other things in which it may or may not be able to take credit for its "on the margin" kinds of contributions in any situation, whether personal investment, institutions and/or governments.  It is easier to look at the situations of individuals, so if you attempt to apply bitcoin systems to institutions and/or governments, then more complexities come into place, but a lot of the same individual are still going to apply to the more complex systems of institutions and governments, but there are just more things going on with institutions and governments as compared with individuals.

;D ;D ;D ;D
Stupid - because you can't prove otherwise ? Fairy tales - because you have no arguments and to my arguments and explanations your response is "get the hell outta here" !?? :)))
I gave arguments to which you could not answer anything but attacks. I even gave you a chance and asked you to show which economy Bitcoin has already helped - in response only unintelligible sounds. I asked you to show how Bitcoin can help the population of the country, but you showed an example when a person invested, "thanks" to you, 5000 dollars in Bitcoin, and you did not warn him of the risks and volatility, and then returned him 2000 dollars.  You are confusing the general public with investors, and telling some fairy tale excuses :)
It is not interesting to communicate with you, but it is funny :)

Snip

.....

Get the fuck out of here.

I don't have any burden or obligation to try to make any kind of case to establish that bitcoin has improved some country in order to make my earlier point that was largely asserting that your earlier post was full of shit. You are the one who has the burden to prove your case rather than me.

Hello Jay
I don't think you should keep stressing yourself over an issues or discussion that I think at last no credit could be given to you as I believe argument always linkage to some personal beefing. Why not just give a deaf ears to this thread and let it be as I think this could be something that may ends tragically as I have seen post that I myself can't continue to keep replying to this thread. You have given your points and there is nothing much to prove to anyone about what he is saying

I think I am off from here.

If you didn’t have to strain yourself and write another post, you could copy your previous post:

The semantic load is the same - absolutely empty :) A lot of words, no arguments, no reasoned answers. Unilaterally, in order not to waste time, I stop this useless and meaningless dialogue :)

PS Yes, I have nothing against the fact that some people believe in some fairy tales, that's normal :)

Good luck and prosperity to you :)

There were some news in late August about the Central African Republic: It seems the law about tokenization of natural resources got approved (https://cointelegraph.com/news/central-african-republic-expands-sango-project-to-land-resource-tokenization) and signed by President Touadéra (see also this twitter post (https://twitter.com/sangoproject/status/1693681573776826473)).

The Sango website also continues live, according to their roadmap in 2023 a "masterplan" for a Crypto City on an island in Ubangi River (https://en.wikipedia.org/wiki/Ubangi_River) should be unveiled. I'm not really believing that will become true, but anyway will be following these developments.

There were some news in late August about the Central African Republic: It seems the law about tokenization of natural resources got approved (https://cointelegraph.com/news/central-african-republic-expands-sango-project-to-land-resource-tokenization) and signed by President Touadéra (see also this twitter post (https://twitter.com/sangoproject/status/1693681573776826473)).

The Sango website also continues live, according to their roadmap in 2023 a "masterplan" for a Crypto City on an island in Ubangi River (https://en.wikipedia.org/wiki/Ubangi_River) should be unveiled. I'm not really believing that will become true, but anyway will be following these developments.

A few years ago many people never believed that Bitcoin would be accepted as a medium of payment. Today it is accepted in many countries and reputable institutions are now clamoring to be part of the Bitcoin system. The effect of Bitcoin on national economies might be debated but I believe that soon the impact will be visible.

Absolutely correct, Bitcoin has come a long way since its inception, and its acceptance as payment method is an ongoing evolutionary process. It is important to acknowledge that the road to Bitcoin adoption is not without bumps and obstacles, such as regulatory uncertainty, price volatility and security concerns, and these hurdles are likely to persist in coming months and years. However, as Bitcoin ecosystem continues to mature, some of these obstacles will be addressed. The path to widespread adoption will be market by both advancements, such as acceptance of Bitcoin by El-Salvador and Central African Republic, as well as hurdles that Bitcoin will encounter along the way.

If these two countries (El-Salvador and the Central African Republic) are able to face several obstacles such as regulatory uncertainty, price instability, and security problems. Other countries will not close their eyes to this either because these two countries could also be a very important influence for Bitcoin in attracting more other countries to do the same, namely adopting Bitcoin as did El-Salvador and the Central African Republic.

However, what I fear is that the Central African Republic will eliminate crypto as a legal tender with changes to the law as reported by centralbanking.com (https://www.centralbanking.com/central-banks/currency/digital-currencies/7956294/car-to-drop-crypto-as-legal-tender#:~:text=The%20Central%20African%20Republic's%20parliament,Monetary%20Community%20of%20Central%20Africa.) in March this year, although I will not immediately believe this news because I am more confident that the African Republic The center will look for ways to continue to legalize Bitcoin as legal tender there.

Absolutely correct, Bitcoin has come a long way since its inception, and its acceptance as payment method is an ongoing evolutionary process. It is important to acknowledge that the road to Bitcoin adoption is not without bumps and obstacles, such as regulatory uncertainty, price volatility and security concerns, and these hurdles are likely to persist in coming months and years. However, as Bitcoin ecosystem continues to mature, some of these obstacles will be addressed. The path to widespread adoption will be market by both advancements, such as acceptance of Bitcoin by El-Salvador and Central African Republic, as well as hurdles that Bitcoin will encounter along the way.

Bitcoin is no longer a legal tender in the Central African Republic. As you can read from the website you quoted the law that made Bitcoin a legal tender was repealed. No clear reason was given but I suspect that this decision was externally influenced. But El Salvador is still setting the pace for other fearless nations to join the moving train.

This is indeed a sad news for Bitcoin enthusiasts and disappointing development towards Bitcoin adoption. Your point is valid that there could be external influences those have played a role in reversing their decision of Bitcoin adoption as legal tender.  However, we should continue holding our Bitcoin with firm belief that Bitcoin inherent deflationary nature will continue driving its demand. I am optimistic that Bitcoin represents best alternative to the current fiat based financial system, which is increasingly losing its credibility.

This is what is feared to happen when a country tries to impose bitcoin but their resources are not strong enough to withstand many things that might have an impact on its progress. Failure to maintain bitcoin as legal tender will continue to be fried by countries that don't like bitcoin and they will set a bad example for them. I prefer the idea of the President of El Salvador and he set up a broad framework when he started accepting bitcoin, so he considers the impact and then provides solutions to problems that will arise and has proven quite successful so far.

No one denies that bitcoin has advantages in many ways, but this can only be seen by people who do not reject bitcoin. Bitcoin provides a system of financial freedom if implemented with the right framework especially when a country begins to accept its adoption as a means of payment. This will be a lesson that when it is not ready any country does not need to force it and what they need to do is learn what El Salvador did, so that this adoption does not need to be stopped for several reasons that have been stated by the Central African Republic.

When will countries learn? If you're going to enter the big league of Bitcoin, then at least wear the right shoes! Not these makeshift attempts that fall apart at the slightest critique. It's painfully clear when a nation hasn't done its homework. And to them, I'd say, if you can't handle the Bitcoin heat, maybe you should exit the digital kitchen

El Salvador's President? Genius move. He saw, he came, he conquered the crypto. Other countries? They're just crying because someone else took the candy they were too scared to reach for. So, here's a piece of advice: Next time you think about adopting Bitcoin without proper infrastructure, maybe have a chat with El Salvador first. Might save you some national embarrassment

Another thing in regards to position size, maybe it is the case that they are ONLY able to really put 1% to 5% of their countries investment portfolio into bitcoin kinds of building, and maybe their country is in such a disarray that they might not even be in a position to put more than 1% of their investment portfolio into bitcoin or bitcoin-related (bitcoin-focused) projects because they have to deal with getting their own house in order prior to being more aggressive in their bitcoin approach (so that they don't devolve into gambling and/or overdoing it), and so they need to assess their own situation in order to make sure that their position size does not end up contributing to their getting taken out of the bitcoin game (investment) because they had overdone it rather than being able to stick through the rough times, as you already pointed out, @slapper.

And these 90% of the population have a need for money - daily. And here volatility plays a cruel joke with them - they go to buy their last 5000 dollars bitcoin, and a month later... sell it for 2000 dollars. And their life gets even worse. It will be the same with the economy, which someone will try to build in the current situation, on bitcoin. That's what we need to prove.)

That's why there is no positive answer to the simple answer - which country/economy bitcoin helped to improve the situation - no positive answer.....

You have pointed out a reasonable factor that could have influenced the CAR government choice to discontinue Bitcoin usage. Additionally, It is possible that CAR government were unable to readjust their position of Bitcoin holding due to financial limitations. Additionally, the presence of inadequate infrastructure and lack of Bitcoin education also likely played substantial roles. Considering that only 10% of the country's population has internet access and relatively low level of social media engagement, a vital platform for spreading awareness about Bitcoin.

It is important to recognize that, despite the challenges, African nations represent most fertile grounds for Bitcoin initiation and advancement.
https://finserving.com/cryptocurrency/why-did-bitcoin-as-legal-tender-fail-in-central-african-republic

Those seem to be different reasons than what I tried to say...

I was largely trying to say that it is a matter of position size and moderation rather than pushing too much too soon.. so there is no reason for CAR to be a failure except that they were likely gambling rather than engaging in an attempt at a prudent investment strategy... the same with individuals who get into bitcoin without an adequate view of their timeline and attempt to invest in a way that is gradually building up the bitcoin position over several years, and perhaps several cycles if your finances might already be on shaky grounds, then you have to build your various finances while you are investing in bitcoin... so if someone, some institution or some government recks themselves from the way that they invested in bitcoin, then one of the ways to recovery is to start back up more slowly and with a smaller position size and maybe even expand the investment time horizon from 4-10 years and start to plan out 10-20 years or more.. which may well continue to mean building and growing in bitcoin small in order NOT to overdo it and ONLY with cash that you can afford to lose... but still nothing wrong with being somewhat aggressive in your investment as long as you do not over do it..

Every person, institution and/or government has a variety of defects, so both you, Sayeds56, and that article seem to want to blame CAR's defects for their failure to be successful in bitcoin, and of course, they have defects just like we all have defects, so maybe in stead of buying $100s of millions in bitcoin, just start out with 1 bitcoin a day or 5 bitcoin a week more something more modest and manageable, and perhaps later on, then work their way up to higher amounts, after getting their shit together.

Those seem to be different reasons than what I tried to say...

I was largely trying to say that it is a matter of position size and moderation rather than pushing too much too soon.. so there is no reason for CAR to be a failure except that they were likely gambling rather than engaging in an attempt at a prudent investment strategy... the same with individuals who get into bitcoin without an adequate view of their timeline and attempt to invest in a way that is gradually building up the bitcoin position over several years, and perhaps several cycles if your finances might already be on shaky grounds, then you have to build your various finances while you are investing in bitcoin... so if someone, some institution or some government recks themselves from the way that they invested in bitcoin, then one of the ways to recovery is to start back up more slowly and with a smaller position size and maybe even expand the investment time horizon from 4-10 years and start to plan out 10-20 years or more.. which may well continue to mean building and growing in bitcoin small in order NOT to overdo it and ONLY with cash that you can afford to lose... but still nothing wrong with being somewhat aggressive in your investment as long as you do not over do it..

Every person, institution and/or government has a variety of defects, so both you, Sayeds56, and that article seem to want to blame CAR's defects for their failure to be successful in bitcoin, and of course, they have defects just like we all have defects, so maybe in stead of buying $100s of millions in bitcoin, just start out with 1 bitcoin a day or 5 bitcoin a week more something more modest and manageable, and perhaps later on, then work their way up to higher amounts, after getting their shit together.

I agree. Bitcoin has become an interesting hot topic and this is a reality on the ground that I often see and feel. So the question is what is the solution other than education, because when we talk about investment BTC its intrinsic value is one of the benchmarks in assessing the price, innovation and technology behind it, so many are interested and many fail in managing it due to price volatility and transaction times which cannot be predicted with certainty especially if we frequently short sell and make we losses may extend far beyond we initial investment, yes, This something that is very important to consider, especially with Bitcoin.

You have pointed out a reasonable factor that could have influenced the CAR government choice to discontinue Bitcoin usage. Additionally, It is possible that CAR government were unable to readjust their position of Bitcoin holding due to financial limitations. Additionally, the presence of inadequate infrastructure and lack of Bitcoin education also likely played substantial roles. Considering that only 10% of the country's population has internet access and relatively low level of social media engagement, a vital platform for spreading awareness about Bitcoin.

It is important to recognize that, despite the challenges, African nations represent most fertile grounds for Bitcoin initiation and advancement.

https://finserving.com/cryptocurrency/why-did-bitcoin-as-legal-tender-fail-in-central-african-republic

Yeah, they should plan for 10 to 20 years of adoption. For the time being, they could have accumulated more bitcoin slowly, taken some necessary steps to adapt bitcoin in their society, and spread awareness. The technology bitcoin uses is relatively new, so CAR could work with them to educate their people about security concerns and take steps to mitigate them. They could develop some regulations to protect their consumers from scams and other fraud activity, or they could help the public agencies investigate these matters to help the law and enforcement agencies. CAR could work with the private sector to develop bitcoin-centric businesses and services to create more jobs. There was potential for an economic boost for that nation, but it seems they failed to take it.

It's actually quite simple to understand this, because if you are not used to holding or owning Bitcoin for a long time. It looks like you need to train your patience in holding Bitcoin and have the feeling to keep holding it for the long term rather than continuing to do short sells which in terms of profits may be very small. But in the discussion about Bitcoin Legal Tender in Central African Republic, actually there still needs to be something called education before investing that is not accompanied by knowledge. Because there are probably still a lot of beginners out there who don't know in detail about the technology involved in cryptocurrencies like Bitcoin.

That's right, it's simple and very clear. However, for Bitcoin Legal Tender in the Central African Republic, what needs to be addressed is education for the lower middle class because if the understanding of BTC is not clarified then the perception of BTC will continue to be gray, which will increase the intensity of skepticism in the mainstream of society there who may think that the Bitcoin market is very changes rapidly, making it difficult to fully understand it, even with a good education.

Well, one more thing will always be born if this is left gray from the opposing point of view, is Bitcoin really viable as a currency, especially when compared to traditional fiat currencies as some may doubt its ability to be used as a practical means of payment daily.

Adopting bitcoin as legal payment tender is very good ideas because make some country more popular and many tourist will interested going to the country have easily with payment transaction without need to convert their money with local fiat currency. Many speculated with some country when adopting Bitcoin as payment currency will make their fiat payment not popular and will left by citizen, I think is wrong perception because Bitcoin dominance or becoming legal payment currency will not loss opportunity with local fiat become payment transaction.
I am glad with Central African Republic have been legal Bitcoin as payment tender although not really popular with this country, but believing one or two years later that country will be interested and more popular how to make tourist when going there and feel easily using bitcoin as payment transaction.

But in doing so, you fail to take into account 2 nuances.
First, the end seller is unlikely to keep records in bitcoin and pay taxes in bitcoin. That is, the price will also include conversion costs and taxes.
Second - there will be no gain, compared to the auto-conversion of your dollars on the card, for example, in the local currency, compared to the costs of servicing payments in bitcoin - the transaction costs money. Slow is small, fast is MUCH. Converting bitcoin to local currency - also at an undervalued rate, and with all taxes and fees.
So, sorry, but the idea you mentioned will not work.

I agree. Bitcoin has become an interesting hot topic and this is a reality on the ground that I often see and feel. So the question is what is the solution other than education, because when we talk about investment BTC its intrinsic value is one of the benchmarks in assessing the price, innovation and technology behind it, so many are interested and many fail in managing it due to price volatility and transaction times which cannot be predicted with certainty especially if we frequently short sell and make we losses may extend far beyond we initial investment, yes, This something that is very important to consider, especially with Bitcoin.

I don't think it's a matter of price but a matter of faith and patience that everyone has.
Many people who fail in bitcoin are not because the price is too high but because those who cannot control their emotions in investment and they do not learn the concept of investment properly which makes them fail.
The point of this is that the learning done means that it is still lacking because when we have learned well what bitcoin is and how to invest properly then I don't think they will fail.

Yes, but it's based on your assumption that records won't be kept in Bitcoin and taxes won't be paid in Bitcoin and conversion between Bitcoin and fiat is necessary. But it's your assumption only. As a typical troll, you're trying to make people think that your assumption is an absolute truth which it's certainly not.

In many places like some regions of the US and Canada you can pay taxes in Bitcoin already now. And if you can later spend your Bitcoin in stores and paying for services there's no need to convert to fiat.  8)   

Yes they failed because they sold faster and it wasn't a big deal because they could buy back. Two different options they most likely fail because the money they earn from Selling Bitcoin they spend in other fields such as Gambling or having fun with girls.

Well if other points. If you invest in bitcoin, do it on a DCA basis, where you can buy in stage, every month or every quarter. Apart from that, investment requires a strong level of patience and serious confidence to continue buying Bitcoin. Maybe forget about the desire to take profits in the short term. If you have that in your investment planning then I am sure you will be successful in investing in bitcoin in the long term.

I take it that for the sake of your phantom and unreal fantasy, you are ready to deny reality, and facts, and call your opponent a troll, just because he says the truth that is not convenient for you ? :)
But knowing you, I'm not surprised ! :)

Once again I will ask you a question, which you never answer, which confirms that your ideas are empty fantasies.

And so the question - if with bitcoin so easily solved many economic problems (stability, decentralization, lack of inflation, .....) name me at least 1 country where, instead of agonizing, save the economy, financial system, welfare of people, took and transferred everything to bitcoin, and lived happily and without trolls who do not understand anything. The answer is obvious - there are no such countries. But it turns out that there are billions of idiots in the world, and only one smart guy serveria.com shows everyone a working example, and no one wants to live well, and continue to beat over the eternal problems of the economy :)

Doesn't the nimbus crush your head? :)

Rome was not built in a day, however the network effects^** in bitcoin keep building (and growing).. whether you want to believe (or recognize) it or not.

**Referring to those 7 network effects outlined by Trace Mayer (https://nakamotoinstitute.org/mempool/the-seven-network-effects-of-bitcoin/).

In other words, there is no need to show a complete country or a complete system operating on bitcoin in order for bitcoin to be successful because little by little bitcoin is getting into each and all countries.. and still bitcoin is likely less than 1% of the world's population of adoption - scattered all over the world.. so bitcoin exists in an overwhelming number of countries around the world.. but for sure in no kind of a dominant way.. because bitcoin is existing side by side with various fiat systems that are likely going to continue to lose more and more of their value into bitcoin.. so in that regard, we have the greatest wealth transfer in the world going on right before our eyes, even if some people (probably and overwhelming majority of the people because otherwise they would already own some) are failing/refusing to see it.

....
Rome was not built in a day, however the network effects^** in bitcoin keep building (and growing).. whether you want to believe (or recognize) it or not.

**Referring to those 7 network effects outlined by Trace Mayer (https://nakamotoinstitute.org/mempool/the-seven-network-effects-of-bitcoin/).

In other words, there is no need to show a complete country or a complete system operating on bitcoin in order for bitcoin to be successful because little by little bitcoin is getting into each and all countries.. and still bitcoin is likely less than 1% of the world's population of adoption - scattered all over the world.. so bitcoin exists in an overwhelming number of countries around the world.. but for sure in no kind of a dominant way.. because bitcoin is existing side by side with various fiat systems that are likely going to continue to lose more and more of their value into bitcoin.. so in that regard, we have the greatest wealth transfer in the world going on right before our eyes, even if some people (probably and overwhelming majority of the people because otherwise they would already own some) are failing/refusing to see it.

The Central African Republic’s parliament has repealed legislation that gave bitcoin and other cryptocurrencies legal tender status. A new law amends an April 2022 statute that proved controversial among the CAR’s partners in the Economic and Monetary Community of Central Africa. The CAR legislature adopted the amended law unanimously on March 23.

Q4
2022
Central Africa Backbone project: National Internet coverage
Creation of the National Bitcoin Treasury


Q3
2023
Crypto City and Crypto Island Masterplan

Exactly this. Bitcoin is only 14 years old give it some time. People were laughing at the inventors and early users of cars, planes, TV, internet but look where these technologies are now! So, has Bitcoin changed the world? Not yet, but it has potential to do it in future.

It's all understandable, there's no arguing about it. I'm talking about something else, and you don't want to hear it.)

I mean that here on the forum, there are not a few participants who believe that bitcoin/cryptocurrency is a solution for countries that have a problem, and almost the best way to dedolarize the world economy.

There were a lot of enthusiastic statements about some of the countries where cryptocurrency was supposedly accepted as a means of payment, imol - that's it, tomorrow everyone will be envious of them. Or quite simply, the topic of this topic is that bitcoin has become a legal means of payment in a certain country, the Central African Republic. And I ask the question - WHAT CHANGES? Problems solved? This is a "closed" economy, and it is easier and faster to get results here than in the global economy. And I do not get a positive answer from the apologists of the theme "bitcoin will save the economy". In response or talking about other topics, or primitive insults, and even without arguments :) Not everyone likes the truth that destroys myths and fantasies :)

For example, can you explain how bitcoin, as a financial model of the state\world, will SOLVE the real problems of the economy ? :)

....

I.e. again no specifics, "water". I repeat - there are many people here who claim that by introducing cryptocurrency instead of local fiat currencies (and globally replacing the dollar all over the world), the problem of poverty, economy and inflation will be solved at once. Can you clearly answer this question ? I realize that no :)

"Bitcoin changed the world" - now you are trying to make wishful thinking.

That it is an interesting concept and technology is not in dispute. But expectations and dreams that it will change the world are just fantasies.

"It seems that you are trying to shift the burden onto bitcoin advocates to show bitcoin as having had already taken over the world in some kind of a microcosm, and if bitcoin is not able to show such a thing, then bitcoin is not important and/or meaningful in terms of its advancement." - It would be better if you would tell us in detail about the fact that you can't put toothpaste back into the tube - it would look more interesting and closer to reality than this sentence :)

"First of all.  Fuck shitcoins.  Who cares about cryptocurrencies? and try to stay focused on bitcoin if you are able to.  Bitcoin is the ONLY one that really matters, and the only one that creates any kind of threat to the fiat system as we know it." - please provide some verifiable arguments or other reasoned answer proving this dubious idea ?

PS And lastly, about "everything is going well, implementation is going well, just need to do something else", summarizing fantasies, expectations, and reality : ) Are you surprised ? I'm not ! :)
https://bitcointalk.org/index.php?topic=5396366.msg62919460#msg62919460

It's actually quite simple to understand this, because if you are not used to holding or owning Bitcoin for a long time. It looks like you need to train your patience in holding Bitcoin and have the feeling to keep holding it for the long term rather than continuing to do short sells which in terms of profits may be very small. But in the discussion about Bitcoin Legal Tender in Central African Republic, actually there still needs to be something called education before investing that is not accompanied by knowledge. Because there are probably still a lot of beginners out there who don't know in detail about the technology involved in cryptocurrencies like Bitcoin.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

Interesting news. I understand that you are following the development of the situation, and perhaps you are a resident of El Salvador.
Question - please tell me what positive changes have occurred in the economy and life of ordinary residents of El Salvador after Bitcoin was recognized as legal tender? We assume that such changes should lead to positive changes, because simply using another asset for calculations does not give real results other than “process for the sake of process”

Currently, it is only in El Salvador that Bitcoin is still a legal tender because the government of the Central African Republic have repelled the law that made Bitcoin a legal tender in the African country. But hopefully, we are expecting countries like Panama, Suriname and Montenegro to join El Salvador. [/b]

I can still understand that someone mentions Panama or Suriname in the context of Bitcoin - legal tender, but where did you get Montenegro from? I searched their local news because I understand the language, but nowhere is there even a mention of Bitcoin in that context, but these days they are writing about how Montenegro got its first Bitcoin non-governmental organization (NGO).

I don't know why there is such an obsession with the fact that any country should follow the example of El Salvador, as if "legal tender" means something special for Bitcoin. There are many other countries where Bitcoin is much more "successful" than it will likely ever be in El Salvador.