- The Central African Republic’s President believes understanding BTC is crucial to acknowledge its disruptive power to bring long-term prosperity
- CAR’s decision to make BTC legal tender has been described as ill-advised by critics
In April, Central African Republic(CAR) made Bitcoin and the CFA Franc the legal currency of the country. Ever since that, the country’s President have received scathing attacks criticizing his decision to adopt BTC as currency. Putting an end to these criticisms, CAR President Faustin-Archange Touadéra stated that CAR’s adoption of bitcoin is set to benefit the country’s future generations.
The President, who is an ardent believer in the potential of Bitcoin, however, doesn’t seem too concerned by Bitcoin’s recent crash. The CAR President stated that understanding BTC is crucial to acknowledge its disruptive power to bring long-term prosperity. Touadera adds that mathematics doesn’t account for human emotions. “Future generations will look behind at these moments to our strength & unity in choosing the right path during hard times”, he stated.
Bitcoin’s (BTC) price has fallen by around 3% in the last seven days and is currently trading at a mere $20k. Owing to the recent market volatility, critics have targeted El Salvador and the CAR over their supposedly ill-advised decision to designate bitcoin as legal tender. El Salvador was the first country to recognize BTC as legal currency.
Critics suggest that CAR must first tackle challenges like low access to electricity and internet, low rates of mobile phone users, lack of educational organizations for Bitcoin before taking the plunge into BTC world. Given the pros and cons of making BTC legal tender in Central African Republic, it is yet to be seen how the country moves forward in the process while tacking mountains of criticism.