The president of the Central African Republic has stated that cryptocurrencies can support financial inclusion.
The Central African Republic was the first nation in Africa and the second in the world to make bitcoin an official currency.
The nation’s parliament approved a law supporting cryptocurrencies in April.
Obed Namsio, president Faustin-Archange Touadera’s chief of staff at the time, stated that the president backed the bill “because it will enhance the situations of Central African people.”
“A decisive step toward opening up new chances for our country,” was how Namsio described the initiative.
At a Sango cryptocurrency initiative launch event, Touadera said that cryptocurrency is a cost-effective substitute for using traditional bank accounts.
“Cryptocurrency is an alternative to cash,” he stated. The formal economy is no longer a viable alternative for us.
The Bank of Central African States (BEAC) and the Central African CFA franc are the official currencies of six nations in central Africa.
According to reports, two previous prime ministers of the Central African Republic spoke out against the nation’s adoption of cryptocurrencies without the consent of the regional central bank.
The eNaira, a digital currency launched by Nigeria’s central bank, will function on SMS-enabled phones, and the report mentioned that regulators in Tanzania and South Africa are looking at the prospect of implementing cryptocurrencies in their nations.
When the new cryptocurrency law in the Central African Republic was passed, “the BEAC learned at the same time as the public,” according to a statement from the central bank, which had no additional comment.
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