The Central African Republic Bets Big On Bitcoin

A group of Bitcoiners traveled to the Central African Republic to meet with the country’s president and discuss pathways for bitcoin adoption.

The people of the Central African Republic (CAR) are on a mission to be the first country in Africa to enable widespread bitcoin adoption. They are the second country in the world (after El Salvador) to officially adopt bitcoin as legal tender for use in regular commerce and for paying taxes.

In April 2022, President Faustin-Archange Touadéra signed into law a bill (which passed unanimously) making bitcoin and the CFA franc the legal currency of the Central African Republic.

Understanding The Challenge Ahead

President Touadéra invited a group of Bitcoiners with expertise in different areas to the country’s capital of Bangui in order to advise the country on issues like setting up internet access, connecting to the Lightning Network and developing mining facilities.

Seven Bitcoin experts spent a week in the country:

“To understand the Central African Republic context better and identify the main factors that will encourage or inhibit the adoption of Bitcoin in the country,” according to their report.

Buying And Selling Bitcoin

The report states:

“Mobile credit is one of the country’s most used means of payment, so it is essential to use a known model and not disrupt users’ habits. This method of buying and selling bitcoin through mobile credit retailers is a model already established in Goma (DRC) and other African countries.”

The authors recommend leveraging the country’s 12,000 mobile credit retailers and installing bitcoin ATMs in cities in secure locations.

Source: nasdaq.com