CAR president urges citizens to understand Bitcoin to bring long-term prosperity

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CAR president urges citizens to understand Bitcoin to bring long-term prosperity

For the past few weeks, the crypto market has been in a tailspin. While other investors may have given up on BTC, its ardent supporters continue to extol its virtues.

Despite the cryptocurrency market’s prolonged bearish trend, some of its most ardent supporters have not been discouraged. This includes the president of the Central African Republic (CAR), who remains bullish on Bitcoin (BTC) and crypto.

In a tweet shared on June 14, President Faustin-Archange Touadéra reaffirmed his country’s decision to make Bitcoin legal currency. He stated that “Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity,” adding that:

In late April 2022, the CAR government officially recognized Bitcoin as legal currency after passing a bill regulating digital assets in the country. The move made the central African nation the second country to recognize BTC as legal tender after El Salvador did so in Sept. 2021.

According to the World Bank, CAR is one of the poorest countries in the world, with a GDP of about $2.4 billion. The country has been beset by political instability and violence for years, making it difficult for residents to access banking services and leading many to turn to cryptocurrency as an alternative way to store value and make payments.

The CAR government’s decision to make Bitcoin legal currency was met with a variety of responses. The World Bank, for example, raised its concerns about the move and stated that it will not support the new “Sango” crypto hub launched in the country.

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