Bitcoin Legal Tender in Central African Republic

[tbterryboy]

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.

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.

I think what he mean there, are countries who legalize bitcoin as a legal tender like what El Salvador did. If it's only legalizing bitcoin the normal way then many countries already did that and some of them are bigger than Qatar I believe.

Legalizing bitcoin even not making it a legal tender is already a big thing for all us bitcoiners as it can still allow us to buy and sell or use our btc for purchasing almost anything but mostly online though. Big countries are big already so they are not in a hurry but it will be beneficial for a small country to make an early move of making bitcoin a legal tender so that they can catch up as it's said that btc can help a country.

[1713961975]

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[1713961975]

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[1713961975]

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[tadamichi]

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.

If were strictly talking about the coins itself then yes. But there can still be net benefits for a country/ person for simply starting to use/ learn Bitcoin, outside of having profited monetarily.

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.

[Sithara007]

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.

[Poker Player]

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 in the case of El Salvador, the key is that they can hold out until the next cycle or until the price recovers significantly. Chances are that we have seen the bottom of this cycle and that from now on the price will go up, not in a straight line obviously but with some oscillations. If this happens, El Salvador's move will look better and better as the price goes up.

The problem with Bitcoin is volatility, which as time goes on should reduce. If this comes to pass, we will see many countries holding Bitcoin for their reserves, just as they now hold gold.

[JayJuanGee]

[edited out]

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

At least you have figured out a way to interact with me without throwing a temper tantrum.. hahahaha

I remember some of our first interactions, you were not even ready, willing and/or able to engage... you got emotional and refused to engage.. hahahahaaha

I am thinking that in the interim, you must have received some talking-points (training) from your handlers in order that you are somewhat better (arguably improved in?) able to deal with differing perspectives.

Doesn't mean that you are right, but you are able to get through some of these discussions a wee bit better (to the extent that you are actually grappling with reality rather than your own lil fantasy?) without falling into a hissy fit.   

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.

Sure many of us question the extent to which CAR has fallen down the shitcoin rabbit hole, but hypothetically if they were more prudent and just intertwining their various implementations with bitcoin investments, then they can profit in similar ways as individuals in terms of experiencing hedging/insurance benefits - yet of course, we know that countries have more power than individuals, so there could be ways that they could profit in other ways too (from their employment of bitcoin systems) - presuming that they are genuine (a relatively big presumption given some of their structuring of products so far) and not going to end up employing some kind of rug pull.

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.

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!

You seem to be unwilling and/or unable to understand the concept of a hedge or insurance.  Sometimes you do not employ the insurance or the hedge, but it still serves a purpose.  Also, both tadamichi and I have already mentioned that there are several kinds of non-monetary benefits that can come from bitcoin too.. and we need NOT reck our brains trying to list all of such possible non-monetary benefits of getting involved in bitcoin in order that you should be able to get the idea about getting into a system (bitcoin in this case) that provides more value transfer options (even if we take your assumption that the BTC price might have ended up going down at various points or even reduced in half at some point 10 years down the road as you would like to leave that as an assumption with which to work..).

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.

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.

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 doubt that El Salvador is in as great of "trouble" as you are suggesting them to be.  Sure there might be some countries who are discourage about bitcoin in recent times, but I doubt that countries are as discouraged as you are making them out to be either. 

Many of us already know that building and planning tends to take place during times in which bitcoin's prices are in bear-ish kinds of markets - and/or deep consolidation trends (which largely seems to be where bitcoin is at currently), and we also know that bitcoin continues to work - tick tock the next block - and the longer that bitcoin continues to survive the stronger it likely becomes, including that various other countries, individuals and/or institutions are learning about it and either getting a position in it or figuring out ways in which they might get involved in it.

In case you do not have many bitcoins or if you are a no coiner or a low coiner (whether country, institution or individual), you might want to consider ways to get some in case it might catch on.  Right?

[tadamichi]

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.

El Salvador Foreign Exchange Reserves

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.

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 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.

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.

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.

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.

[JayJuanGee]

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.

El Salvador Foreign Exchange Reserves

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 was a little bit confused by that above chart in terms of the unit that it was describing, so I looked it up and it appears to be in the millions of dollars, so it appears that El Salvador's forex reserves are running in the $3.5 billion neighborhood.

https://tradingeconomics.com/el-salvador/foreign-exchange-reserves

 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

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?

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 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.

For sure El Salvador is way better thought out than CAR.. and fuck shitcoins that CAR seems to be distracted in various ways.  It probably is not a good comparison.. because El Salvador is light years ahead as compared to the CAR offerings .

Actually, this linked chart seems to show that CAR is about 1/10 the size of El Salvador in terms of GDP (and shows Honduras as similar size to El Salvador)

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.

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.

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.

Surely the balance of savings (investing) versus spending is not an easy one to strike, and surely we find people who many times have to work way beyond what they expected that they were going to have to do, and surely based no the way the current system is structured, it cannot be easy to figure out ways to maintain some kind of balanced abilities to provide assurances that cashflow is going to continue to be enough once reaching ages in which it is difficult (and/or inconvenient -- maybe it is always inconvenient?) to work.

[tadamichi]

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

Yup, its in millions. On my chart the last month is at $8.2 Billion(May 2022) tho. The discrepancy between El Salvador and Honduras would be logical, if we keep in mind that Honduras uses their own currency. So in times of high inflation it would make sense to hold more foreign exchange reserves that are stronger than the own currency, or to peg their own currency in some way? Their forex reserves were just at $5.5 Billion in january 2020, so the increase makes sense. El Salvador on the other hand is using the usd, it would make little sense to accumulate different currencies now, their focus also seems to be into investing into the country and Bitcoin at the moment.

And indeed they just increased their usd holdings.

• Honduras holds¹: 0.69 tonnes of gold and $8.292 billion.
• El Salvador holds²: 1.37 tonnes of gold and $3.484 billion.
• CAR holds³: nothing how it seems.

¹ https://take-profit.org/en/statistics/foreign-exchange-reserves/honduras/
² https://take-profit.org/en/statistics/foreign-exchange-reserves/el-salvador/
³ https://take-profit.org/en/statistics/gold-reserves/central-african-republic/

So i actually found something:

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.

Theyre actually using a peg, so it makes sense.

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..

From my understanding it serves different roles, for example: What i mentioned above to reduce risk by holding stronger currencies; To influence the value of the countries own currency, you would buy/sell another currency to keep your own currency at a certain rate for example, this then influences other things like the cost of exports/ imports; To trade and pay debts to other countries.

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?

Yup, this is another use case to simply stay solvent, or to simply fund projects, pay for things or whatever.

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

That is what is fishy to me, they even created their own shitcoin.

maybe it is always inconvenient?

It most likely is.

[JayJuanGee]

maybe it is always inconvenient?

It most likely is.

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.

[amishmanish]

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

[KennyR]

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

The limited supply is a major factor against the inflated currencies. Surely this will have its impact over every country's economy in the future. Grown countries are in a good shape against the small economies. According to me, it is good that the big nations aren't making big steps forward with bitcoin. When they take such decisions there is possible chances of the poor countries suffering. When big nations enter, they'll acquire a big volume of the bitcoin. This will surely gives them the access to manipulate the market. This can disturb the economy of small countries that have begun to use bitcoin.

[tadamichi]

maybe it is always inconvenient?

It most likely is.

Hahahaha

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

Its a hard balance to achieve, but even taking 1 small step every day in either direction will bring you much further than doing nothing. And will already set you apart from most people who are doing nothing. Its not necessary to be perfect in this, consistency compounds by itself.

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

Yup, youre touching the point of having freedom in ones own work, this is true freedom. Its something that will take a lot of work and talent(everyone is talented in something, it takes exercise to become better) to to achieve. Being stuck in some corporate culture bs wont get you there, even if the compensation is good. So working on this early can pay out later on. Work that you really enjoy can also give meaning to a oneself, torturing oneself trough 40 years of lame meaningless work wont pay out. Sure this person will have finally time when theyre 70 year olds, but then its not even sure how pensions will be with the future demographics and the financial system, also when youre old priorities change, someone shouldnt only start to enjoy life at 70 years old, its too late. Someone whos still able to meaningfully work on their own terms in their 70s, will be truly free regardless. We should spend more energy on enjoying the now, than preparing to safely wait for death.

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

Ultimately, true meaning isnt achieved trough money or material things tho. A good wife will give you much more joy, money(theres women who are better at earning money than men nowadays), and meaning than any hooker can. You might have more fun driving an average car in a country like germany where there are tracks without speed limits, than it is to drive a supercar in the desert. It might be more fun to go for a roadtrip trough italy in a cheap car with friends/ family, than to drive a supercar alone. You might regret taking blow when it makes you age faster than you otherwise would or cant enjoy things without it anymore, because it affected the chemicals in your brain too much.

We get used to nice things fast and then were standing infront of the same problem again, and it will never be enough and theres always someone with nicer things than oneself. So everything is relative. Its possible to win at life with or without much money, Its possible to lose at life with or without much money. Its always possible to enjoy life in the absence/ presence of nice things, theres no need to make it dependent on either thing. Everyone can do it now. Im neither scared of having too much or too little money, i will structure my life in a meaningful to me way, regardless.

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 of them are free to work when they want and happy, while others are stuck with exploitative record labels and depressed. Freedom is true wealth.

[Zlantann]

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.    

[JayJuanGee]

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.    

I doubt that we can really proclaim what is best in terms of how much time any person should spend working and/or in what kinds of work because we do not necessarily know the options that people have as well as they might know or able to choose from what they believe are their options.  Surely some folks might not realize their options, or they might have difficulties changing (or increasing) their options based on from where they are starting.. or maybe certain paths that they took along the way that might have eliminated or reduced their likelihood to employ some options that might have been available to them at an earlier age.

[Zlantann]

Picture

I received a an email from the Sango project that contained this picture. The picture was also share in the twitter account of both pf President Faustin-Archange Touadéra and Changpeng Zhao. According to reports the meeting in Dubai was focused at promoting education, investment, regulatory framework and crypto adoption. I am worried about the regulatory framework which might negate the benefits Bitcoin offers. The opening of the country's crypto space to other shitcoins might expose its inhabitants to fraudulent and ponzi-like shitcoin operators. I guess the meeting might be for the promotion of its Sango project or to score some political point.  

[fillippone]

Sango Whitepaper has been published, it can be found here:



https://sango.org/genesis-paper.pdf

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

It goes down with the technical definition of Sango.
Looks like it's a sidechain with a native token.
Everything is backed by bitcoin.
Something very similar to Liquid, but different.
So probably there is a reason why they couldn't use Bitcoin (er even liquid) framework in the first place.
And this reason is worrisome.

[Zlantann]

I read through the Sango Whitepaper and at least it shows that the government of Central African Republic has roadmaps for the actualization of its goals and objectives of adopting Bitcoin as a legal tender. But I have some questions or reservations.

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

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.

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

Is this not a form of centralization and government restrictions? Also can politicians be trusted to control such sensitive position? Is there no possibility that they can abuse their positions or use it for selfish reasons.

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.

The government acknowledging that there is still more work to be done is a proof that they are willing to gather the right information and make adjustment in future. Hence, I am expecting  a well researched and advanced legal guidelines.

https://sango.org/genesis-paper.pdf

[Dunamisx]

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?)

One thing you need to understand is that everyone will be responsible for their actions and inactions, that's their decision and you need to respect that for them just as you would love to see everyone to respect yours, moreover i don't see any link to prove this as genuine, remember the influence of social media.

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.

How does bitcoin price volatility affects other countries from adoption, these are two different things, other countries fail to do so because of its decentralization, so they believe it will aid the growth of scam and fraudulent activities in the society, and regarding bitcoin volatility, its not a thing of concern just as we have profit and loss in economics, same is the pattern here and it has always been right from it launch in 2009, so nobody is doubting bitcoin volatility from existing and should in no way affect your decision for it.

[stompix]

Back to the Sango coin,

this thing doesn't match anything in the whitepaper

So if the numbers are indeed true between those two dates they have sold 3280916 tokens at a 10cents/token, so about $300k in funding in 25 days.  It also means that at this pace it will take about 4 years to sell just the tokens in the first stage.

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.

It means BTC is good for buying their tokens, but it's not good for anything else!
So everyone needs to rush and sell their coins for these tokens and then trust the great government of taking care of everything else, like privacy, control over how much you can own and spend, the value of each token and for your own and most important security, places where you can spend your coisn and where you;re not allowed to.

[Dunamisx]

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 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.