African country where bitcoin has become the official currency, Central African Republic

    The Central African Republic (CAR) has legalized the use of Bitcoin as a formal currency. It is the second nation in the world to do so.

    Although diamond, gold and uranium are mined, CAR is one of the poorest countries in the world.

    The Central African country has been plagued by decades of conflict. He is Russia’s closest ally.

    Mercenaries recruited by the Wagner group have been helping to fight the rebels there.

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    The lawmakers unanimously decided to legalize Bitcoin, according to a statement from CAR’s presidential office.

    The decision puts CAR on the “map of the world’s most courageous and forward-looking countries,” the statement said.

    El Salvador became the first country in the world to legalize Bitcoin in September last year.

    However, the decision was criticized by the International Monetary Fund and many economists. According to the International Monetary Fund, the decision raised the risk of economic instability.

    What is Bitcoin? Neither Coin nor Note

    Bitcoin is a new type of currency that was created in 200 in by an unknown person using a nickname

    “Satoshi Nakamo”. Transactions are done without a bank. There is no commission for the transaction and you do not need to give your real name to perform any of these actions. More and more sellers are starting to accept this type of currency online.

    Cryptocurrencies such as Bitcoin are also thought to make it easier for criminals to launder assets, while producing more cryptocurrencies requires more electricity, which is said to be unfavorable to the environment.

    Internet is required when using cryptocurrency.
    But in 2019, only four percent of CARs had access to the Internet, according to data from the WorldData website.

    The CAR now has the French-backed CFA franc, as in the old French colonies.

    Some analysts believe that the decision to accept Bitcoin was made in an attempt to discredit the CFA.

    The decision comes as Russia and France compete for influence in the mineral-rich country.

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    “This is compounded by the fact that there is systemic corruption and one partner has to face international sanctions,” French analyst Thierry Varkulan told FFP.

    Hope The country’s capital, Bangi, has seen mixed reactions.

    According to economist Jan Davoro, the move will make people’s lives and transactions easier as payments can be made from smartphones and Bitcoin can be exchanged with other currencies.

    “Traders don’t have to carry suitcases full of CFA francs to exchange dollars or other currencies when they go abroad to buy something,” he told the BBC.

    He claims that the use of CFA has not benefited Africa.

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    Demand for this specialty has grown significantly as a result of recent corporate scandals.

    Critics say the use of the currency has helped France maintain economic control in the area.

    Commuter scientist Sidney Tikaya called the Central African Republic’s decision to introduce cryptocurrency “immature” and “unresponsive.”

    “Internet access is still low in the country, although Bitcoin is completely dependent on the Internet,” he said.

    According to him, CAR needs to pay more attention to important issues like security, education and drinking water.

    This is the history of the country
    The Central African Republic became independent in 1960.

    But since then, the country has been mired in conflict.

    Despite a Christian majority, the country was occupied by Muslim rebels in 2013.

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    For the purpose of retaliation, self-defense groups were formed.

    Since then, there have been numerous killings based on religious beliefs.

    After Fusta-Arcanz Toideha became president in 2016, the Central African Republic gradually shifted strategically towards Russia under the influence of France.

    Bitcoins are stored in a “digital wallet” that exists in the cloud or on a computer user. This wallet is like a virtual bank that you have. Allows you to send and receive Bitcoins, pay for goods or save money. Unlike banks, Wikipedia wallets are reinsured.


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