The Central African Republic Clarifies Its Project With Bitcoin – The Goal Is to Become a Model for Africa.
President Faustin-Archange Touadéra wants to seize a unique opportunity for a better future.
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A little over a week ago, I was wondering about the choice of the President of the Republic of Central Africa Faustin-Archange Touadéra to make Bitcoin a legal currency in his country.
My big question was not related to Bitcoin itself, but rather to the country's lack of infrastructure to allow the people to benefit from it.
Indeed, only 1 million people out of 5 million inhabitants in the Central African Republic have Internet, while only 1 in 6 people have access to electricity regularly. The priorities of a country ranked 188th out of 189 on the UN Human Development Index seem to me to be elsewhere.
I explained then that a 5-year Bitcoin integration plan would have seemed more relevant to me, and I even wondered if Vladimir Putin might not be behind this surprise adoption of Bitcoin by the Central African Republic.
I feared that Bitcoin would not benefit the population, but that it would only be used by the government and other people close to the president to trade with Russia, for example.
I have had some very interesting feedback following this article, including one from “Value Crypto” who brought me an argument that I find particularly relevant:
“It can only be a problem if it is used to subvert the use case for Bitcoin adoption but I see no argument suggesting it.”
Even though the population will have a hard time benefiting from Bitcoin as a whole, for the time being, the key here is that the Bitcoin revolution not be misused. In addition, it is also a good way for the Central African Republic to have hard money to free itself from the CFA Franc.
This is why I like to exchange through my articles. It always allows you to have access to opinions that will help you to think.
The Central African Republic clarifies its project and wants to become a model for Africa when it comes to Bitcoin
New announcements from the Central African Republic have since clarified my doubts and shown that the country hopes to be the counterpart of El Salvador on the African continent as far as Bitcoin is concerned.
Regardless of doubts about the technical feasibility, criticism about the supposed hidden agenda, or the price that has been plummeting for the past six months, the Central African president wants to go full steam ahead with the implementation of a standard Bitcoin in his country.
One month after making Bitcoin an official currency of the Central African Republic (CAR), President Faustin-Archange Touadéra, a professor of mathematics, announced on May 23, 2022, the launch of the project “Sango - The First Crypto Initiative”. This project is “intended to be a visionary milestone on the world map, a revolution that will reposition the economy, improve opportunities and change the destiny of citizens”.
Sore heads are already pointing to the arguments that I was concerned about: the population's poor access to electricity as well as their poor access to the Internet. Many are worried about the threats to come from the powerful people of the current system: the World Bank, IMF, European Union, and France. These actors are likely to cut off their budgetary support, which is invaluable to the Central African Republic.
Nevertheless, the President of CAR sees Bitcoin as the solution to change the future of his country by allowing it to become sovereign without having to depend on the goodwill of these powerful actors. This is the primary purpose of Bitcoin at the level of a nation. So I am reassured.
Sango, which is also the name of the national language of the CAR, has a website on which it is stated that the goal is to make the CAR “the first legal crypto-hub”, a financial paradise without income and corporate taxes, where Bitcoin exchanges will no longer be taxed and where the acquisition of Central African nationality and land will be facilitated for digital investors.
To give the initiative even more luster, the construction of a “Crypto Island” on the banks of the Ubangi River, with ultramodern infrastructures, artificial lakes, and beaches, is announced ... No delivery date for the moment, but the important thing here is that the country can find projects that give it back its pride.
The president of the CAR is already looking for solutions to adapt the use of the Bitcoin network to the current infrastructure of the country
After opening a BTC mining company for the country in mid-May 2022, the Central African government has received Bitcoiners from France, Canada, and El Salvador over the past few days. The aim was to get advice from Bitcoin mining specialists on how to make the most of Bitcoin, taking into account the current infrastructure in the Central African Republic.
Some of the ideas that came out of the initial discussions included conducting transactions over the telephone network instead of the Internet, or building power plants financed by Bitcoin mining.
Bitcoin can be adapted to the specific needs of each individual, and this is what the community will once again have the opportunity to prove in Central Africa. The success of this Bitcoin experiment in the Central African Republic will allow the country to move towards a better future than the current system can provide.
Faustin-Archange Touadéra has no hope in this system anyway:
“For us, the formal economy is no longer an option. An impenetrable bureaucracy keeps us stuck in systems that don't give us the opportunity to be successful. Bitcoin opens a new path to a bright future.”
While criticism from the powerful people of the current monetary and financial system will continue to mount, CAR's president is satisfied that he has the majority members of parliament and a large portion of the people behind him who see Bitcoin as a once-in-a-lifetime opportunity.
A unique chance because of the opportunity for a better life that Bitcoin can offer to the people, but also unique because the CAR has nothing left to hope for from the current system. Faustin-Archange Touadéra had no other choice but to hope to change the future of the Central African Republic for the better.
What is certain is that this desire to create the first Crypto-hub in Africa in CAR will attract investors and give the country new opportunities. Something unthinkable for a country like CAR before the announcement of Bitcoin as an official currency in late April 2022.
The president of CAR hopes that these new investments will then bring the country into a positive spiral to improve access to Bitcoin for the population as the country benefits from Bitcoin. A win-win situation with Bitcoin being at the beginning of something big.
This is what the Bitcoin revolution is all about.
Until we know more about this Sango project, there is only one thing we can do: be patient. That's the key with the Bitcoin revolution.
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