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[Yugocean]

The Central African Republic (CAR) has adopted Bitcoin as Legal Tender and become second country after EL Salvador where Bitcoin is fiat money. And as expected, CAR is facing opposition from Bank of Central African States (BEAC), just like El Salvador faced from IMF.

This development was happened on 22nd to 29th April 2022, as a landlocked poor country, it was supposed that CAR will fall under pressure and annul Bitcoin as currency, however CAR President Faustin Archange Touadéra showed his boldness just like Nayib Bukele.

The CAR will have to face more challenges, because Nayib Bukele was testing BTC in his constituency for years before making it legal tender; yet President Touadéra is ready to use natural resource to develop mining and take advantage of growing cryptocurrency market in other African countries.

 

[Yugocean]

That is news for me. So this is an eye opener for other countries who might be interested in doing such experiments.

This is not new, many African countries are backward, because Europen and American sponsored system has made them an earning platform for West.
Bitcoin could have helped CAR, but there was not even a trail before implementing it.

 

[Ptrikha90]

This is not new, many African countries are backward, because Europen and American sponsored system has made them an earning platform for West.
Bitcoin could have helped CAR, but there was not even a trail before implementing it.

Countries, including India have so many Western and US dependencies so many a lot of countries cannot handle things independently. In case of India, population size helps in certain respects.

 

[Wisdom01]

I think for the country to have actually make Bitcoin a legal tender already shows how interested is the government on the development of Bitcoin , the only thing and worries is that they should actually not stop the development spreads

 

[Yugocean]

Countries, including India have so many Western and US dependencies so many a lot of countries cannot handle things independently. In case of India, population size helps in certain respects.

Not much now, it was Congis who always wanted West to interfere, but now since Congis are out, their leaders are pleading to West to control Indian govt.
Population Size help India, I agree.

CAR have a long way to go, it cannot be compared with India

 

[Ptrikha90]

Not much now, it was Congis who always wanted West to interfere, but now since Congis are out, their leaders are pleading to West to control Indian govt.
Population Size help India, I agree.

CAR have a long way to go, it cannot be compared with India

Ha ha. Their ringleader is going around desperately, especially after getting convicted.
But you perhaps need to be discreet online, lest someone accuse you of being a "Bhakta" or well something else too !!
I think if the Indian FM brings down the Crypto tax to at least 20% that would be a great thing and a win-win for both Government and the citizens.

 

[Riberet19]

I think that the fact of implementing a law a year before and going back and changing it in less than 1 year leaves much to be desired about the Central African Republic, that is, not 1 year has lasted in the attempt that Bitcoin could be a legal tender in the country, so bad was it? Or as the comrade says, is that there were simply too many interferences in the country and contrary interests? I do not understand anything, many countries should reconsider becoming sovereign again and stop depending on decisions of a few oligarchs and bankers.

 

[Gamer01]

The African republic definitely needs such development because you know when things can not be improved with fiat money then people should be allowed to do what they like and want to help others indeed and therefore no law should abstain a community from doing what they like to indeed .

 

[Riberet19]

The African republic definitely needs such development because you know when things can not be improved with fiat money then people should be allowed to do what they like and want to help others indeed and therefore no law should abstain a community from doing what they like to indeed .

The problem is that we live in a fiat system wherever you go, and it is very difficult to get out of it and implement another economic system, the population or governments dont seem to be prepared for this, in addition a deflationary system like Bitcoin would tie the policies of banks and governments where they have a free bar of bills and can finance whatever they want without prohibition, with a deflationary system where money is finite and scarce, this is not possible, and governments are addicted to free money and non productive money.

 

[Gamer01]

That is right the authorities are mostly greedy in our country and they want to eat from free resources as much as possible so those who are in the jinx of getting troubled by the authorities in the form of paying taxes definitely want to avoid the situation actually indeed .