Bitcoin Legal Tender in Central African Republic

[GigaBit]

I agree. Bitcoin has become an interesting hot topic and this is a reality on the ground that I often see and feel. So the question is what is the solution other than education, because when we talk about investment BTC its intrinsic value is one of the benchmarks in assessing the price, innovation and technology behind it, so many are interested and many fail in managing it due to price volatility and transaction times which cannot be predicted with certainty especially if we frequently short sell and make we losses may extend far beyond we initial investment, yes, This something that is very important to consider, especially with Bitcoin.

It's actually quite simple to understand this, because if you are not used to holding or owning Bitcoin for a long time. It looks like you need to train your patience in holding Bitcoin and have the feeling to keep holding it for the long term rather than continuing to do short sells which in terms of profits may be very small. But in the discussion about Bitcoin Legal Tender in Central African Republic, actually there still needs to be something called education before investing that is not accompanied by knowledge. Because there are probably still a lot of beginners out there who don't know in detail about the technology involved in cryptocurrencies like Bitcoin.

When someone wants to sell something for money or something else is more important to him than the thing being sold. If foresight can be gained about Bitcoin, the volume of such unwarranted sales can be reduced to a great extent. If we understand the importance of holding bitcoins it will be difficult for us to sell bitcoins. And there is no substitute for acquiring enough knowledge to understand it.

CAR President Faustin-Archange Touadéra is a shrewd and visionary personality, revealing his Latin motto "Vires in Numeris"which means "strenthen the mumbers" which he used for Bitcoin. From his words we can easily get an idea of his motive.

Who has taken various steps towards the adoption of Bitcoin. This country rich in natural resources but one of the poorest countries in the world. Where the light of education is much needed. The action taken by CAR President is a bold one that we must support. If they are able to achieve widespread Bitcoin adoption, they will be able to highlight their strong position in the world alongside El Salvador. In the meantime, CAR has given special importance to various technical aspects including providing Internet services for Bitcoin adoption. Like El Salvador, they have kept the tax free of all the technological things. As a result, it is expected that the country will be able to reach their goals in a very short period of time.

[AirtelBuzz]

We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

[Manny@11111]

Its a welcome idea and this shows Bitcoin is going places and this will be achieved in distant time

[wmaurik]

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

The president of the Central African Republic (CAR) can also learn a lot from the president of El Salvador in terms of adopting Bitcoin in his country, but we should not equate the conditions of El Salvador with those of the Central African Republic (CAR). Because the Central African Republic (CAR) itself is still relatively poor and has been hit by war conflict, this has made it more difficult for citizens of the Central African Republic (CAR) to access the internet and open their own bank accounts after they return to their place of origin. For more details, you can read it here: https://www.thestreet.com/crypto/policy/central-african-republic-bitcoin

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

It seems that you were late in reading this news so you were a bit surprised when you only discovered it now, because to adopt Bitcoin into the state system, of course there must be changes that are clearer and not mutually detrimental. Moreover, not all citizens in remote villages know about Bitcoin, so the government must also pay attention to this if they want to implement Bitcoin adoption as has been done by the president of El Salvador in the last two years. So don't think that this is an easy thing because the conditions in each country are very different in every aspect.

[DrBeer]

We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

Interesting news. I understand that you are following the development of the situation, and perhaps you are a resident of El Salvador.
Question - please tell me what positive changes have occurred in the economy and life of ordinary residents of El Salvador after Bitcoin was recognized as legal tender? We assume that such changes should lead to positive changes, because simply using another asset for calculations does not give real results other than “process for the sake of process”

[Manny@11111]

Bitcoin acceptability is just a matter of time and we should be rest assured many other countries will join in not fully but partially. 2 achieved  (El Salvador & CAR) more to come

[Die_empty]

We know that in May 2021, the President of El Salvador, Naib Buquel, announced that they were accepting Bitcoin as legal tender in their country. El Salvador became the first country in the world to declare Bitcoin as legal tender.

I have never seen the name of the president of El Salvador spelt this way. I think the correct spelling of his full name is Nayib Armando Bukele Ortez.

I previously knew that only El Salvador accepted Bitcoin as legal tender, but after reading this post today, I saw that the Central African Republic is the second country to accept Bitcoin as legal tender.
On April 27, 2022, the Central African Republic (CAR) adopted Bitcoin as legal tender. Despite the Central African Republic being rich in natural resources, CAR is still known as one of the poorest countries in the world. Their president, Faustin-Archangel Toadera, believes that adopting Bitcoin as legal tender will likely bring prosperity back to their country in the future.

Currently, it is only in El Salvador that Bitcoin is still a legal tender because the government of the Central African Republic have repelled the law that made Bitcoin a legal tender in the African country. But hopefully, we are expecting countries like Panama, Suriname and Montenegro to join El Salvador.

I am very sorry to hear these posts and news because the government in the country I live in has not yet decided to legalize Bitcoin as legal tender.

We are also facing the same restrictions in my country. But as much as the citizens of your country are not banned from using Bitcoin, they can still enjoy the benefits of Bitcoin because it is decentralized.

Interesting news. I understand that you are following the development of the situation, and perhaps you are a resident of El Salvador.
Question - please tell me what positive changes have occurred in the economy and life of ordinary residents of El Salvador after Bitcoin was recognized as legal tender? We assume that such changes should lead to positive changes, because simply using another asset for calculations does not give real results other than “process for the sake of process”

Some reports stated that making Bitcoin a legal tender in El Salvador has increased revenue in the tourism sector of the country. However, I accept that the benefits are not that massive but the investment is still in the infant stage because the government has a long-term Bitcoin Investment plan. So we have to be patient with Bukele.

[Lucius]

Currently, it is only in El Salvador that Bitcoin is still a legal tender because the government of the Central African Republic have repelled the law that made Bitcoin a legal tender in the African country. But hopefully, we are expecting countries like Panama, Suriname and Montenegro to join El Salvador. [/b]

I can still understand that someone mentions Panama or Suriname in the context of Bitcoin - legal tender, but where did you get Montenegro from? I searched their local news because I understand the language, but nowhere is there even a mention of Bitcoin in that context, but these days they are writing about how Montenegro got its first Bitcoin non-governmental organization (NGO).

I don't know why there is such an obsession with the fact that any country should follow the example of El Salvador, as if "legal tender" means something special for Bitcoin. There are many other countries where Bitcoin is much more "successful" than it will likely ever be in El Salvador.

[Die_empty]

Currently, it is only in El Salvador that Bitcoin is still a legal tender because the government of the Central African Republic have repelled the law that made Bitcoin a legal tender in the African country. But hopefully, we are expecting countries like Panama, Suriname and Montenegro to join El Salvador. [/b]

I can still understand that someone mentions Panama or Suriname in the context of Bitcoin - legal tender, but where did you get Montenegro from? I searched their local news because I understand the language, but nowhere is there even a mention of Bitcoin in that context, but these days they are writing about how Montenegro got its first Bitcoin non-governmental organization (NGO).

There is also a news of the young Prime Minister of Montenegro Milojko Spajić meeting with the managers of JAN3 led by Samson Mow and discussing investing in Bitcoin mining and issuing Bitcoin bonds. The Prime Minister was so interested in Bitcoin that he proposed to build a pro-BTC community where residents would use cryptocurrency for their daily financial transactions. As a young president, he might be open to new ideas and Bitcoin might be one of them.

I don't know why there is such an obsession with the fact that any country should follow the example of El Salvador, as if "legal tender" means something special for Bitcoin. There are many other countries where Bitcoin is much more "successful" than it will likely ever be in El Salvador.

I don't dispute anything you have said but it is a source of pride to see nations adopting Bitcoin as a legal tender. These nations might not have the best economies but they are promoting Bitcoin which could propel massive adoption. The benefit of nations making Bitcoin legal tenders will be more appreciated by people who are restricted or banned from using Bitcoin due to government regulations.

[Lucius]

There is also a news of the young Prime Minister of Montenegro Milojko Spajić meeting with the managers of JAN3 led by Samson Mow and discussing investing in Bitcoin mining and issuing Bitcoin bonds. The Prime Minister was so interested in Bitcoin that he proposed to build a pro-BTC community where residents would use cryptocurrency for their daily financial transactions. As a young president, he might be open to new ideas and Bitcoin might be one of them.

Is it about the young prime minister or the president? Jokes aside, this is a young prime minister who was educated all over the world from Japan and China, and worked for CityBank, Goldman Sachs and Venture Capital - I wouldn't say that he is too interested in Bitcoin, but rather in some other things that would derived from the agreement with Samson and Tether boys.

In the Balkans, nobody does anything if there is no personal interest in it - so even Do Kwon has not been extradited from Montenegro yet because someone did not have a personal interest in making it happen.

I don't dispute anything you have said but it is a source of pride to see nations adopting Bitcoin as a legal tender. These nations might not have the best economies but they are promoting Bitcoin which could propel massive adoption. The benefit of nations making Bitcoin legal tenders will be more appreciated by people who are restricted or banned from using Bitcoin due to government regulations.

On the example of El Salvador, we saw that "legal tender" in the context of Bitcoin did not even come close to what was expected, because you cannot force someone to use something they do not want. There are many other countries where Bitcoin has a much greater adaptation than in El Salvador, but that is obviously not interesting to anyone because "legal tender" sells the news much more efficiently.

[estenity]

anything new ?

[d5000]

anything new ?

Unfortunately, it seems "not really".

In February, the Central African Republic's government seems to have launched a memecoin called $CAR. According to this BBC article however it was not a success, and it seems also to have been unclear who benefitted -- it could have been more like the Trump memecoin, benefitting the presidential family.

Also according to the BBC article, the Sango website is not longer working. I visited it and that nice text is displayed:

The original Sango project, as it was first envisioned, will not continue in its previous form.

After careful consideration and strategic planning, we are preparing a new direction that honors the initial ambition, but adapts it to a stronger, more viable path forward.

Very soon, we will reveal a complete transformation, one that merges innovation, real-world utility, and a future-ready vision for the Central African Republic.

Hard to believe

At least the announcement seems to have been relatively recent, as there is an post on the Sango X account from the end of April referencing the upcoming "new direction". In addition, Sango investors got a $CAR memecoin airdrop  

I really can't understand how the CAR government wasn't able to at least take some benefit from the news hype around their crypto law. I get that the country's infrastructure is extremely poor, but the potential to establish itself at least as a regional crypto haven would have been high -- a couple of BTC exchanges established in the capital, at least, could have significantly moved the GDP.

Edit: That's the memecoin: https://coinmarketcap.com/currencies/central-african-republic-meme/ . 98% below ATH. Fabulous!

Edit 2: Something seems to have been done lately: In May, the $CAR project announced to tokenize land at 45 km of Bangui. Perhaps I'll be watching that, if this time they really get anywhere or not ...

[Agbe]

It's a welcome development as more countries are now realizing the power of Bitcoin especially in Africa a continent that has been struggling economically the central African Republic adopting Bitcoin as a legal dender their countries is a move in the right direction as central African economy has been struggling since the end of the countries civil war some years ago this move will set the country as one of the first African countries to go the way of economic and financial stability as Bitcoin is not controlled by anyone country

[EarnOnVictor]

anything new ?

Nations, states, and even companies are now moving to the strategic reserve plan. Ever since Trump announced it, it has been so popular. Many countries now have a pressing plan on the table, and a few have even passed it in their parliament and have started to actualise it. This is what I believe would gain more traction rather than the legal tender, as people/countries like to follow the steps of the US.

[Fiatless]

It's a welcome development as more countries are now realizing the power of Bitcoin especially in Africa a continent that has been struggling economically the central African Republic adopting Bitcoin as a legal dender their countries is a move in the right direction as central African economy has been struggling since the end of the countries civil war some years ago this move will set the country as one of the first African countries to go the way of economic and financial stability as Bitcoin is not controlled by anyone country

The Central African Republic became the second country to make Bitcoin a legal tender and the first in Africa.  But the bill that made Bitcoin a legal tender was repealed after a few months.  I guess it was because of poor planning, infrastructural deficit and external influence. They came up with the Sango project that had many projects, which included building a crypto city and offering citizenship by investment. Nothing good came out of these lofty ambitions, I guess there is nothing new about its Bitcoin project.

[BALIK]

anything new ?

Nations, states, and even companies are now moving to the strategic reserve plan. Ever since Trump announced it, it has been so popular. Many countries now have a pressing plan on the table, and a few have even passed it in their parliament and have started to actualise it. This is what I believe would gain more traction rather than the legal tender, as people/countries like to follow the steps of the US.

So far, only a handful of states in the US have bitcoin reserves, the rest are still under review. Large and small institutions around the world are also actively adding bitcoin to their reserves, but not many countries have or are considering the idea, including the United States.

So far, only two countries, El Salvador and Bhutan, have officially included bitcoin in their national reserves. The rest is just rumors, proposals, ideas from congressmen, lawmakers...no central bank or government has mentioned or intended to add bitcoin to their national reserves yet.

[EarnOnVictor]

anything new ?

Nations, states, and even companies are now moving to the strategic reserve plan. Ever since Trump announced it, it has been so popular. Many countries now have a pressing plan on the table, and a few have even passed it in their parliament and have started to actualise it. This is what I believe would gain more traction rather than the legal tender, as people/countries like to follow the steps of the US.

So far, only a handful of states in the US have bitcoin reserves, the rest are still under review. Large and small institutions around the world are also actively adding bitcoin to their reserves, but not many countries have or are considering the idea, including the United States.

So far, only two countries, El Salvador and Bhutan, have officially included bitcoin in their national reserves. The rest is just rumors, proposals, ideas from congressmen, lawmakers...no central bank or government has mentioned or intended to add bitcoin to their national reserves yet.

I don't know what you want your reply to achieve, because it is not a debate about how many countries are opting in for the strategic reserve, but how they subscribed to the idea more than the legal tender. That's actually what my reply to the OP is all about. And if you count by countries and states today, you would still count tens of them that have started and are in progress in making it start as soon as possible. Can you say the same of legal tender? That's the gist of my post.

[hafiztalha]

anything new ?

Nations, states, and even companies are now moving to the strategic reserve plan. Ever since Trump announced it, it has been so popular. Many countries now have a pressing plan on the table, and a few have even passed it in their parliament and have started to actualise it. This is what I believe would gain more traction rather than the legal tender, as people/countries like to follow the steps of the US.

So far, only a handful of states in the US have bitcoin reserves, the rest are still under review. Large and small institutions around the world are also actively adding bitcoin to their reserves, but not many countries have or are considering the idea, including the United States.

So far, only two countries, El Salvador and Bhutan, have officially included bitcoin in their national reserves. The rest is just rumors, proposals, ideas from congressmen, lawmakers...no central bank or government has mentioned or intended to add bitcoin to their national reserves yet.

I don't know what you want your reply to achieve, because it is not a debate about how many countries are opting in for the strategic reserve, but how they subscribed to the idea more than the legal tender. That's actually what my reply to the OP is all about. And if you count by countries and states today, you would still count tens of them that have started and are in progress in making it start as soon as possible. Can you say the same of legal tender? That's the gist of my post.

Bitcoin is best cryptocurrency and that is looking like best investment in every country but still many governments don't want trading of that but that is not good for the economy of country because that is best opportunity for the people who are living in that kind of country. People want to be rich and that is best option to invest in . Government should read about BTC because if they will read about BTC then they will be impressed by that because we are watching that currency on online platform and millions are giving positive review about that and they are taking calculated risks and they are becoming rich in future.Government strategy about bother people because government can apply high taxation on cryptocurrency holder and that could be worse for them