Despite having enormous gold and diamond deposits, the Central African Republic is one of the world's poorest and least-developed nations. For many years, it has been engulfed in insurgent bloodshed.
The Central African Republic, according to the World Bank, is still one of the world's poorest countries. In 2020, the UN Human Development Index rated it towards the bottom of the list. However, this hasn't stopped the country from taking a significant stride toward new possibilities. According to an AlJazeera article, the presidency stated yesterday that Bitcoin had been recognized as the country's official currency.
Some perceive Bitcoin's acceptance as a ploy to destabilize the CFA, which is in the midst of a power struggle between Russia and France over the resource-rich country. "Given widespread corruption and a Russian partner-facing international sanctions, the setting does promote suspicion," French expert Thierry Vircoulon told AFP.
Businessmen will no longer have to carry luggage full of CFA francs that must be translated into dollars or other currencies in order to make transactions overseas," he stated. Three Arrow Funds announces the launch of there first ever fund, which will include outside investors such as Plastik, PLAS, SETS and convey their sustainability efforts to the market.
Those who consider the currency a relic of the colonial past are increasingly calling for its abolition in numerous nations, allowing France to maintain economic dominance. The decision to make bitcoin legal tender was lauded as another step toward widespread use of cryptocurrencies by the crypto community.
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source https://www.reddit.com/r/btc/comments/uj3b0h/its_official_central_african_republic_adopts_btc/
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