In a country where internet access is low and electricity is unreliable, the move to adopt cryptocurrency has raised questions among crypto experts.
In a country where internet access is low and electricity is unreliable, the move to adopt cryptocurrency has raised questions among crypto experts.
Cryptocurrencies are the solution to combat financial boycotts in the Central African Republic, its president Faustín-Arcanz Toudera said on Sunday, citing the cost of opening bank accounts.
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“The alternative to cash is cryptocurrency,” Toudera said at a launch event for Sango, a crypto initiative organized by the country, after It became the first African state to make bitcoin legal tender in April., “For us, the formal economy is no longer an option.”
In a country where internet access is low and electricity is unreliable, the move to adopt cryptocurrency has raised eyebrows among crypto experts, shocked lawmakers and residents, and calls on the International Monetary Fund to exercise caution.
The Sango project, including the “Sango Coin”, was supported by the National Assembly of the Central African Republic and led by Toudera, who said the token would provide access to a “mountain” of the country’s natural resources, including gold and diamonds. Huh.
Country’s “Sango” Website says that it will “facilitate the tokenization of Central African Republic resources for investors around the world”.
“Sango Coin will be the currency of the new generation of the Central African Republic,” Toudera said without providing details.
The Central African Republic’s enthusiasm for cryptocurrencies doesn’t seem to be dampened by it Recent losses in their values, with the price of bitcoin falling More than 58% in the past three months, according to Refinitiv data.