Central African Republic President says understanding Bitcoin is crucial to bring long-term prosperity to the nation

By: Henry Felix

Central African Republic President says understanding Bitcoin is crucial to bring long-term prosperity to the nation

June 16, 2022 3:05 PM

CAR president believes Bitcoin(BTC) is still the future for the country despite the prolonged bearish crypto market conditions.

 

The crypto market in the past few weeks has been in a downward trend. While other investors may have given up on BTC, the CAR president still believes its the way forward for his people.

 

Despite the crypto winter showing no signs of coming to an end, some of its most ardent supporters have not been discouraged. This includes the president of the Central African Republic (CAR) Faustin-Archange Touadera, who is still among the few people bullish on Bitcoin(BTC) and cryptocurrencies.

According to a tweet shared on June 14, President Faustin-Archange Touadéra reaffirmed his country's decision to make digital asset such as Bitcoin a legal currency. He stated that understanding Bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity to CAR.

 

The CAR's president also added: "Mathematics doesn’t account for human emotions. Future generations will look behind at these very moments to [celebrate] our strength & unity in choosing the right path during hard times.”

 

The cryptocurrency market is currently experiencing one of its longest and deepest bear markets in the history of crypto trading. At press time, the world's largest digital currency Bitcoin(BTC) by market capitalization, is down 70% from its all-time high of $68,789 reached in November 2021 according to Coinmarketcap data.

 

The CAR President, used the term "hard Times" which refers to the recent crypto market downturn, which has affected all digital assets and resulted in bringing the total market capitalization to 960B from it high of around 1.3T.

 

In a recent report by Coinnewsafrica, the CAR government officially recognized Bitcoin as legal currency after passing a bill regulating digital assets in the country. The move made the central African nation the first country in Africa and the second country globally to recognize BTC as legal tender following El Salvador.

 

Central African Republic (CAR) is ranked among the poorest countries in the world, with a GDP of about $2.4 billion. The country has been besieged by political instability and violence for years, making it difficult for citizens within the country to access banking services which made many turn to cryptocurrency as an alternative method of payments and a way to store value in digital assets.

 

The CAR government's stance on making Bitcoin a legal currency was met with a variety of responses. The World Bank raised its concerns about the move and stated that it will not be supporting the new "Sango" crypto hub launched in the country.