Will Bitcoin Help Central African Republic Grow Stronger?
It’s a poor country, but Central African Republic is seeking more transactions through bitcoin that any other thing. Strangely, this country lacks internet access too.
But the response to this is simply geopolitical in nature. The reason is simple- no more dependence on the French frac. Most of the one living here are peasant farmers. Please use the sharing tools found via the share button at the top or side of articles.
Also Read: Crypto crash: Bitcoin plunges to 6-month low amid growing fears of a Ukraine-Russia conflict
In April, Faustin-Archange Touadéra, president of the Central African Republic, announced that his country would become the second in the world after El Salvador to adopt the seesawing cryptocurrency as its coin of the realm.
It’s a big move for the country. And aging but smart president who holds a doctorate in Mathematics knows what he doing as he puts it in his words, that adopting bitcoin would “improve the conditions” of citizens and put CAR “on the map of the world’s boldest and most visionary countries”.
It is quite a futuristic plan indeed. Youngsters have more trust in this form of currency as they have low trust in the government. Hippolyte Fofack, chief economist at the African Export-Import Bank, sees the CFA as a plot to keep African currencies artificially high. While that suit foreign companies wanting to extract profits and local elites who enjoy shopping in European capitals, he says, it stifles industrialisation by making exports uncompetitive.
Also Read: Twitter hack and Bitcoin scam: How major accounts were hacked and how Twitter handled it
Bitcoin will only make things easier for the Russian mercenary friends of the President, who were instrumental in his win. Their illegal operations on the border makes it only easy for them to carry on trade as bitcoin becomes more popular.