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


     


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

    First Country in Africa to Officially Adopt Bitcoin


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


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


    Namsio said with this move the CAR had become the first country on
    the African continent to adopt bitcoin as a reference currency. Lauding
    the move, Namsio said:


    We are going on a new path that will mark a new milestone
    for our country while being aware of the difficulties we will have to
    face to continue our mission.


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


    Conflicting Reports


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


    Central African Republic Has Adopted Bitcoin as Reference Currency — Office of the PresidencyWhile
    the release of the French language statement is expected to end the
    confusion which followed the initial report which said the country had
    adopted bitcoin, Useful Tulips’ peer-to-peer bitcoin volume data
    starting in 2020 suggests interest in the crypto had been growing. In
    fact, by the end of September 2021, the CAR had, according to the data, become the country with the fifth-highest P2P volumes in Africa.









    Bitcoin ‘Undefeated’


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


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


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


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


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


    According to Oduu, the CAR needs to invest significantly in
    infrastructure in order to make digital currencies accessible to the
    entire population.

    source link : https://news.bitcoin.com/central-africa-republic-has-adopted-bitcoin-as-reference-currency-office-of-presidency/

     


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