Central African Republic (CAR) President, Faustin-Archange Touadera, is unfazed by the recent price slump of crypto assets, indicating that the country’s decision to adopt bitcoin remains the right path.
Earlier this month, Touadéra claimed bitcoin is a currency that could improve the world due to three characteristics:
Its decentralized nature
Apolitical status, and
The fact that governments can not censor it
Beyond making bitcoin legal tender, CAR is unveiling a hub to attract cryptocurrency businesses and enthusiasts to the nation as part of a project dubbed Sango that will encourage the transformation that is possible under bitcoin.
“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”
– President, Central African Republic (CAR)
However, the country’s crypto push has met resistance from the regional financial body, Bank of Central African States, and the World Bank.