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Bitcoin has been authorized as the official currency in the Central African Republic. CAR ranks as one of the most impoverished nations in the globe, while the nation is blessed with natural resources such as Uranium, Diamond, and yellow metal (Gold).
CAR has been ravaged by clashes between Muslim rebels and militia formed for defensive purposes. The clashes between the two groups have resulted in a lot of religious-related killings and economic setbacks.
Lawmakers balloted for Bitcoin to be made an acceptable tender for transactions in the country. The president of the CAR said in a report that the adoption of Bitcoin as the nation’s official currency will place the country on the list of courageous and idealistic nations, to have done the same.
El Salvador is the 1st nation to accept crypto as an authorized tender in September last year, and this action attracted derogatory remarks from critical economists as well as the International Monetary Fund, saying that such action will expose the nation to financial volatility.
Central Republic Africa uses the CFA franc as its paper money just like the other French colonized African nations. Some individuals consider the acceptance of Bitcoin as a legal tender in the nation as an effort to weaken the CFA franc to reduce the control of France over CAR. True enough, ever since Faustin Touadéra became the President of the country, the Central African Republic began breaking its ties with France and establishing new ones with Russia.
An Economist, Yann Daworo commented that the authorization of Bitcoin as a legal tender will make the life of citizens of the nation much easier, as payment for goods and services can now be made via any internet-enabled device, and that the ease at which Bitcoin can be exchanged to all other currency is an added advantage. He also said that people that are into Business won’t have to go around carrying money in suitcases. He explained further that Businessmen and women, still have to change the local currency to the US dollar or other desired paper money, when they intend to carry out business transactions outside the nation.
Sydney Tickaya a computer scientist commented that the acceptance of crypto as legal tender in CAR is too early. He further explained that internet service in the nation is currently below the standard of the one which could be used to access the technology behind Bitcoin. He also mentioned that the country is facing bigger problems (such as insecurity, education, and access to clean and drinkable water) that require urgent attention and solutions.
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