Central African Republic follows El Salvador in making Bitcoin an official currency

midian182

Posts: 8,335   +103
Staff member
What just happened? No longer is El Salvador the only country in the world where Bitcoin is an official currency. Joining the Central American nation is the Central African Republic (CAR), which has now approved the cryptocurrency as legal tender.

A bill governing the use of Bitcoin was adopted unanimously by parliament last week, writes Reuters.

Despite being rich in natural resources such as gold and uranium, CAR is one of the poorest countries in the world and has been embroiled in civil war since 2012. It currently uses the French-backed CFA franc as its currency, as do six other former French colonies in Africa.

What's especially strange about CAR adopting Bitcoin as an official currency is that just 11 percent of the 4.8 million population have access to the internet, notes The Verge.

Former CAR prime minister Martin Ziguele, now an opposition MP, said the bill signed by President Faustin Archange Touadera was approved "by proclamation."

It's speculated that the move could be linked to CAR's close relationship with Russia—it was one of the 35 nations that abstained from a United Nations vote condemning Russia's invasion of Ukraine—while also undermining the CFA and France.

"The context, given the systemic corruption and a Russian partner facing international sanctions, does encourage suspicion," French analyst Thierry Vircoulon told the AFP news agency.

El Salvador made history last year when it passed its Bitcoin law in June and the cryptocurrency became legal tender in September. The government has faced plenty of criticism from citizens and organizations over the decision, including the World Bank, which refused to help with the implementation, and the International Monetary Fund (IMF), which has urged the country to drop Bitcoin as an official currency. But El Salvador isn't giving up on crypto or its plans to build Bitcoin City.

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QuantumPhysics

Posts: 6,308   +7,248
While I do see the use case scenario for developing countries to use cryptocurrency to escape and surpass the racist and punitive economic sanctions being masterminded by the US, World Bank and IMF, my problem is that most crypto currencies still remain speculative assets. People gambling on crypto to try and get rich is where my problem lies. Using crypto to quickly transfer money or to store assets I'm fine with.
 

Ludak021

Posts: 754   +573
Naive Bukele (el Salvador's president) put El Salvador into Bitcoin when it was around $55,000 and then bought the dip around $50,000.

BTC is currently $38,948.

How's that working out?

I mined my first BTC when it was traded at $0.67 ... edit: it wasn't traded, my bad. No one wanted it back then. I traded it for something small, cant remember what it was.

my point is this:

SiN1FSs.png



your point seems to be heading here (which is opposite of reality, nothing personal):
CrSV71E.png
 
Last edited:

QuantumPhysics

Posts: 6,308   +7,248
I mined my first BTC when it was traded at $0.67 ... edit: it wasn't traded, my bad. No one wanted it back then. I traded it for something small, cant remember what it was.

my point is this:

SiN1FSs.png



your point seems to be heading here (which is opposite of reality, nothing personal):
CrSV71E.png


I don’t care ¯\_(ツ)_/¯
 

emmzo

Posts: 767   +1,186
You'll be retired in two-three years? I envy you :)
You might revise that. All economies are heading fast into a deep recession and who knows how long it will last. Bitcoin will fall just as hard, unless you think crypto is not linked at all to economics. Looking at a chart is pointless for long time predictions, "at least" 100k was supposed to be last year, according to all experts who analyzed charts. There is a probability, but market is not just charts. Will it be in five, ten years or never, nobody knows.
 

QuantumPhysics

Posts: 6,308   +7,248
You might revise that. All economies are heading fast into a deep recession and who knows how long it will last. Bitcoin will fall just as hard, unless you think crypto is not linked at all to economics. Looking at a chart is pointless for long time predictions, "at least" 100k was supposed to be last year, according to all experts who analyzed charts. There is a probability, but market is not just charts. Will it be in five, ten years or never, nobody knows.


The Fake crypto gurus have been promising Bitcoin would be $1,000,000 by now. They promised $100,000 in 2018.
 

wiyosaya

Posts: 8,284   +7,662
Looking at a chart is pointless for long time predictions,
Absolutely. As any credible investor should know (since it is a cautionary given for many investments) past performance does not guarantee the same results in the future.

Crapto is just as susceptible to current economic conditions as any other highly speculative investment.
 

Karlos95

Posts: 298   +201
You might revise that. All economies are heading fast into a deep recession and who knows how long it will last. Bitcoin will fall just as hard, unless you think crypto is not linked at all to economics. Looking at a chart is pointless for long time predictions, "at least" 100k was supposed to be last year, according to all experts who analyzed charts. There is a probability, but market is not just charts. Will it be in five, ten years or never, nobody knows.
That's because they were linking it to the year before and not accounting previous cycles 😂

It should hit $100k this year.

Basically the rule is, add 2 years to each cycle.

2017 cycle was 4 years, so 6 years, so around end of 2022 or start of 2023.

Next will be 8 years, so 2031.
 

Axle Grease

Posts: 282   +232
I mined my first BTC when it was traded at $0.67 ... edit: it wasn't traded, my bad. No one wanted it back then. I traded it for something small, cant remember what it was.

my point is this:

SiN1FSs.png



your point seems to be heading here (which is opposite of reality, nothing personal):
CrSV71E.png

I worry that the lower graph could be the New Zealand dollar in a few years which is why I'm about to exchange NZDs for crytpocurrency. It went from a high of 0.88(USD) with a politically center government to 0.64(USD) under the Leftist Adern government. I'll exchange small amounts to begin with just to test the waters.