Bitcoin Legal Tender in Central African Republic

[NewRanger]

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.

perhaps from big country will legalize bitcoin soon , it will have big impact to market if there is superpower country will allowed it. so far still growth country that be the pioneer, and super power countries still fight with it due their interest for currency. more countries legalize it ,more crypto community will formed and give positive impact to demand.

[1715257151]

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[Dhaniii]

Central African Republic adopts bitcoin as legal currency

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.

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.

from this ledger I see that there will be strong shocks in the bitcoin market in the future and of course the bitcoin market will show itself as a bullrun chart in the future. for now the market is still tilted down and not up, is there any ledger in africa that is still in the process of approval from various cabinets or has started issuing orders to adopt bitcoin to african citizens at this time.

[Sithara007]

Looking at the market, I am quite surprised. The exchange rates actually went down after this announcement from CAR. The reaction was exactly the opposite of what we got, when El Salvador became the first sovereign member of the United Nations to declare Bitcoin as legal tender. 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?

[Rikafip]

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?

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.

[Wong Gendheng]

Good news because more and more countries are opening their doors to bitcoin, of course the republic of central africa has done a long study so that currently it is opening a tender for bitcoin legalization, i am optimistic that there will be many benefits that citizens can get and especially increasing welfare.

[aysg76]

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

Just same post I made in WO thread yesterday having the same opinion :



There were some misconceptions that Panama also followed the legal tender approach but we can't say when it can also turn the tables on to make the third one.But I personally think that the list is going to be above 5 soon with small third world countries rising the flag for support in the first revolutionary phase.

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.

The condition in CAR is much more worse than we can imagine and around 71% of the population is living under poverty lines and under these cases it's hard to even survive for your meals and btc is tough than we think.We all are bitcoin enthusiast but we still need ways to access it which is hard for these people.Like you need smart phone with internet access and keep you funds safe and affording this is really tough for them.

If you just googled pictures about it your heart will wrench seeing the condition and all this war has made people suffer even more and we know the context of African countries in poverty matters.There will be negativity or even protest by people but at some if government could frame good ways to utilise it and give people some access and some educational camps on how to use LN or keep your funds safe with some sort of free bonus to them.

But still it's challenging for the government to implement it under these conditions.The benefits they could get is many people don't have bank accounts and through bitcoin they can be their own banks but the volatility could affect them hard.Hope there are some revival and growth with bitcoin but there are problems prevailing bigger than it.

[Sithara007]

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?

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

One difference that many analysts are pointing out is the fact that the CAR officials doesn't seems to have sufficient knowledge on how Bitcoin works. That was not the case with El Salvador, as the president (Nayib Bukele) was very knowledgeable and knew how to handle the initial hiccups. CAR is currently witnessing a bloody civil war, which has resulted in the deaths of thousands of people. Wagner PLC is also involved in the civil war since 2020 and this is one of the main concerns raised by bodies such as the IMF.

[Paul Pogba]

Did not expect that the central african republic became the first country in africa to legalize bitcoin, this is a good step to give its citizens freedom in transactions, i am sure there will be many positive things that we will hear in the central african republic after the government officially legalizes bitcoin.

[Rikafip]

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.

[fillippone]

The CAR Finance Minister tweeted to keep up the hype!



Not much revealed, but hopefully we will have something to cheer about soon!

[Sithara007]

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.

Well.. I could agree. One thing that I know about CAR is that the country has been embroiled in a civil war for the last many years. Very frequently I hear about Wagner mercenaries from Russia fighting for the government (payments to Wagner are being made in gold, as CAR is abundant in gold deposits). In El Salvador, the implementation was relatively easier, because almost everyone had a smartphone and access to internet. CAR lags behind in this parameter, as hundreds of thousands of people have been made homeless as a result of the war.

[Darker45]

While a lot are not really that excited about this development, this is still good news. While even Bitcoin supporters are showing skepticism about the declaration of Bitcoin as a legal tender by one of the poorest countries in the world, this is still adoption and growth.

This seems to be the kind of news which even Bitcoin detractors and critics would easily shrug or even laugh off in dismissal as worthless. Oh, well, Bitcoin and its growth have always been underestimated.


https://twitter.com/CharlieShrem/status/1404622102473457668/photo/1

[fillippone]

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

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

Poor thing. They want to have the monopoly to the distinctions of sovereign nations.

[Sir Legend]

Now many people say that bitcoin is currently legalized in small countries such as el savador and several other small countries and currently it is the republic of central africa which will soon legalize bitcoin, i am increasingly optimistic that bitcoin trends in the future will continue to increase and will soon be legalized in developed countries and the world soon accepted bitcoin.

[Sithara007]

https://twitter.com/CharlieShrem/status/1404622102473457668/photo/1

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.

[Darker45]

~snip~

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.

[Sithara007]

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.

Well.. I agree, to some extent. Previous attempts to replace the USD with other fiat currencies such as EUR and CNY has ended in failure. Because in these cases, the alternative was deemed to be even worse than the primary option. The case with Bitcoin is different. It is protected against inflation as a result of controlled supply algorithm, and there is hardly any chance that one of the governments or some other external actors will be able to take control of it. One of the drawbacks of USD is that the western nations decide when to freeze your funds, as Russia just found out.

[Zlantann]

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.

Government oppositions would always criticize the policies of the ruling government. CAR opposition has been very notorious. They opposed election, national reconciliation and most of these oppositions such as COD2020 and the KNK have strong ties with rebel groups. And these rebels have destabilized the country for decades. Also the opposition is represented in the Parliament where the decision to legalize bitcoin was unanimously accepted. So the IMF is just bluffing.

The Bank of Central African States (BEAC) is a French puppet because it takes orders from Paris. Critics of the BEAC issued currency (Central African CFA franc) argue that the economic development for the African countries that use the currency can only be achieved if they get rid of the currency. They indicated that in exchange for the guarantees provided by the French treasury, African countries channel more money to France than they receive in aid. They also argue that they have no say in deciding key monetary policies agreed to by European countries, which are members of the Eurozone consider as a symbol of the economic and financial domination by France of the countries sharing it. CAR is choosing Bitcoin because the country wants to free itself from financial bondage. So IMF, Paris Club and France are just scared because one of their slaves is gaining freedom.

https://www.bbc.com/news/world-africa-41094094

[_act_]

Quelle surprise: Central African banks scold the CAR for Bitcoin adoption

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.

I was expecting IMF to talk bad about bitcoin as a legal tender in CAR as it did with El Salvador, but recently also the the governor of the Bank of Central African States which we should also be expecting, not a surprise because the banks are most of the time an enemy to bitcoin.

I think if bitcoin is not made a compulsory payment, there should not be a problem. I see the banks/fiats as what first dominated the monetary system and trying everything they can to make sure any other form of money would not be acceptable. Bitcoin is never made a compulsory payment in CAR.

[Oluwa-btc]

It boggles me to see how accurate the El Salvadoran President made Predictions about two countries asides El Salvador making Bitcoin a legal tender and also Bitcoin price getting to 100,000.
If I can recall accurately he made this prediction earlier this year, January 22.
He made mention of Bitcoin been a problem(affecting) in the USA general elections, but still waiting too see how that goes!