Binance CEO meets with the Central African Republic president on crypto adoption

By: Timilehin

August 5, 2022 8:52 PM

Did you know that this year, the Central African Republic (CAR) became the second country in the world to accept Bitcoin as legal currency and the first in Africa?

Even after Bitcoin (BTC) was formally recognized as legal currency by the Republic of Central Africa, the cryptocurrency world remains captivating. Since the new legislation was passed, the nation's officials have enlisted the help of several crypto stakeholders to maximize the sector's advantages.

According to this line, Changpeng Zhao, the CEO of the major cryptocurrency exchange Binance, visited Bangui, the capital of the Central African Republic, today. He met with President Faustin-Archange Touadéra to discuss education, crypto adoption, and regulatory framework.

“On August 5, Zhao acknowledged the meeting in a tweet, noting that they discussed educational challenges and the framework for cryptocurrency regulation.”

The CEO of Binance previously declared his intention to steer the upcoming wave of cryptocurrency and blockchain adoption. Due to the "Sango Project" cryptocurrency project, the company's development in the Central African Republic will significantly increase the acceptance of cryptocurrencies throughout the African continent.

The CEO of Binance also spoke on the nation's regulatory frameworks for cryptocurrencies. He thinks that through building public confidence, laws for cryptocurrencies encourage their acceptance.

It's interesting to note that the cryptocurrency exchange keeps growing its footprint internationally and promotes the use of Binance Coin (BNB) for payments via Binance Card and Binance Pay.

Funds will be provided as part of the collaboration for community education seminars aimed at increasing knowledge of and competency in blockchain technology.

Binance seeks to develop the fintech ecosystem in Francophone Africa by giving enthusiasts the tools they need to create blockchain solutions and address pressing issues, according to Zhao.

It's important to note that Zhao's support of cryptocurrencies comes amid complaints about Binance's failure to put in place thorough anti-money laundering procedures. Zhao's talks with authorities are therefore interpreted as attempts to win over leaders in countries where the exchange is well-liked.