Legal Bitcoin Bidding in Africa | The Central African Republic is leaving [SPECIALE]

After the alternating current connection, which was talked about earlier Legal currency Then simply from the new substantive regulations Bitcoin And encryption Come in charge: Central African Republic follow in my footsteps El Salvador thus becomes The second country in the world to take a step like this.

Of course, a country with its own peculiarities that will not be able to transfer large sums to the market, but at the same time a strong signal comes, again, from those countries where monetary policies are not under the control of local authorities. Politics, but it is the third forces.

Legal Bidding for Bitcoin in the Central African Republic

good sign for Bitcoin, which is now a candidate for a coin trying to recover some countries. We can invest with eToroGo here to get your free trial account with full tools – A broker that offers us several unique tools to attack this market.

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Central African Republic Marries Bitcoin: It Will Be Legal Tender

This means that the coin has legal tender. Bitcoin So he enters through the front door into the second state of his history, after experiencing El Salvador Which started nearly one year ago now.

This time to join the club orange and the Central African Republica country with very special characteristics, which we already highlighted in our video yesterday and which we will report here to further explore the story.

  • very poor country

According to the latest statistics, it will be 180 degrees Country in the world by per capita income. catastrophic condition, which it shares in part withSub-Saharan Africa which was also exacerbated by a protracted civil war. On average, nominally, residing in CR They produce about $300 a year.

  • A country that does not have its own currency

But this is part of the group of countries that use CFA franc, in the Central African version. It’s a coin tied or based on valueeuro, which imposes a whole series of restrictions on the country’s monetary freedom. In this case a situation similar to the one we find in El Salvadoralbeit with some additional characteristics that merit further study.

With Bitcoin, we will be able to avoid going through the central bank

This is one of the phrases that came from the government Central African Republic Which at least in our opinion there was not enough discussion. there RCA It is part of the group of countries that have been forced to use what is known as the former colonial franc, a currency in fixed exchange with the euro and its convertibility is ensured by central bank from France.

An issue that was a source of significant political contention and was also a source of no less important scandals in the past, when the Gabonese administration had to transfer bank money to French political candidates.

In addition, the country does not have its own central bank, but shares it with other countries with the headquarters located in the capital Cameroon. So hands were completely tied at the monetary level, which served as an important aid to introduce Bitcoin As legal tender currency.

Why did we talk about fake news?

Because with the information released by the state in the first place, there was no real talk of Legal currencyRather, it is a legislative framework that would have allowed a country to use cryptocurrencies within certain legal limits.

Then yesterday began circulating a document signed by the Government of the Republic, which instead spoke publicly Legal tender currency. There are still some unknowns, even this one that needs some in-depth analysis.

How will the Central African Republic move?

It’s hard to say at the moment, given that the margins of movement are definitely less compared to the margins El Salvador. Surely the country has less money to invest in this thing, and it will not be able to equip itself with it Pocket wallet Independent and, given the state of public homes, it would be difficult to provide incentives to residents.

It is also difficult to see the commercial spread of BitcoinThe country largely lacks the necessary infrastructure. With the data announced so far, that doesn’t give a clear picture of what’s to come future.

We are faced with a lot of unknowns, which will likely become clearer in the coming weeks. We will continue to monitor the situation, which is as interesting as it is difficult to read today.

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