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President of Central Africa supports cryptocurrencies despite opposition

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It was asserted by the President of the Central African Republic that cryptocurrencies have the potential to promote financial inclusion.

The Central African Republic was the first country on the African continent and the second country worldwide to recognize bitcoin as a legal tender.

In April, the country’s legislative body enacted a favourable bill for cryptocurrency.

At the time, Obed Namsio was chief of staff to Faustin-Archange Touadera. He said the President supported the bill “because it will help the people of Central Africa.”

Namco’s interpretation of the effort was “a crucial step” toward “opening up new prospects’ ‘ for our nation.Touadera stated, during the launch event for the Sango cryptocurrency initiative, that adopting cryptocurrencies is a more efficient and budget alternative to using regular bank accounts.

“Cryptocurrency is a substitute for traditional forms of currency,” he explained. We can no longer pursue success through the formal economy as participating in it is not an option.

The Official currencies of six countries in central Africa are CFA and BCEA.

Reports indicate that two former prime ministers of the Central African Republic have voiced their opposition to using cryptocurrencies within the country without obtaining permission from the regional central bank.

The eNaira, a form of digital currency that the Central Bank of Nigeria recently introduced, can be used on SMS-enabled mobile devices. The report also mentioned that government agencies in South Africa and Tanzania are investigating the possibility of introducing cryptocurrencies into their respective nations.

According to a statement issued by the Central African Republic’s central bank, which did not have any further comment on the matter, “the BEAC knew about the new cryptocurrencies law that was passed at the same time as the public.

 

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