The President of Central African Republic (CAR) Remains Bullish Despite Bitcoin Downturn

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.

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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.

In April 2022, the CAR made the headlines becoming the second country after El Salvador to make bitcoin legal tender.. The local authorities raised hopes that this could boost the financial recovery and bring other benefits to one of the poorest nations in the world.

Shortly after accepting the legislation, President Touadéra stated:

“Mathematics is the language of the Universe. Bitcoin is universal money.”

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SEE ALSO: It’s Physically Impossible to Fund the Central African Republic’s Sango Crypto Project, Says World Bank

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Earlier this month, TouadĂ©ra 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.

Part of the project is a plan for Central African Republic to tokenize its minerals and other natural resources, which means they will be converted into a digital token(s) that’s usable on a blockchain application.

“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.

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RECOMMENDED READING: Bank of Central African States Warns CAR Adopting Bitcoin Could Compete with Central African CFA Franc

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