President of the Central African Republic (CAR) Forstan Archantu Adela We are planning to adopt Bitcoin as legal tender.
This is despite the fall in BTC prices and the International Monetary Fund (IMF) expressing concern. Cut off Fiat’s lifeline according to movement.
President Faustin-Archen Tuadera recently said, “Coral“Business. This project is based on the Bitcoin Law by developing infrastructure to maintain the crypto economy, including government-sponsored wallets and legal frameworks incorporating digital identity and ownership protocols.
This vision also includes the construction of the “Crypto Island” and a virtual representation of the Metaverse Island.
Critics blame the Central African Republic for adopting Bitcoin as fiat currency
Last month, CAR attracted attention as the second country to adopt Bitcoin as fiat currency. Similar to the situation in El Salvador, the government operates a dual currency system using BTC, which is used with the Central African CFA franc.
Despite CAR Vast mineral resourcesWith gold and diamond reserves, the country remains one of the poorest countries in the world. 79% Forty-five percent of the poor population suffers from food insecurity.
moreover, Basic infrastructure It is evaluated as “insufficient development, insufficient maintenance, and insufficient”.Rather meaninglessly, just for the national adoption of digital currencies Four% As of 2017, the population is using the internet.When Power outage It’s a daily event.
For these reasons, critics argue that Bitcoin is the basic platform and attempts to modernize CAR are destined to fail.
Why does the CAR government continue on this path?
In response to criticism, the president Forstan Archantu Adela Presenting some household truths about the legacy system, calling it “impossible bureaucracy,” curtailed CAR and made it unavailable for its vast wealth of resources.
He added that Bitcoin offers a “new path to a brighter future” as it is no longer an option.
“For us, the formal economy is no longer an option. Mysterious bureaucracy continues to be trapped in systems that do not give us the opportunity to succeed. Bitcoin opens a new path to a brighter future.”
International “gang bankers”, represented by organizations such as the IMF, have long been accused of preying on poor countries through predatory lending contracts. As a result, wealth and power are concentrated in the hands and become a “corporate elite.”
With that in mind, CAR’s bet on Bitcoin adoption may seem pointless, but it’s a power play designed to regain the influence and control of the “Bankster Parasites”.
