CAR

CaptainMonkeyJack

>By officially becoming a legal tender. Why would countries decide to force their people to accept it as payment for debts? > Which is happening in various countries even now. Sure, El Salvador and CAR... countries that don't even break into the top 100 economies. > Eventually the price will stabilize, and with that it can be used as currency. Is there any reason to think BTC will stabilize? Except of course it goes near $0 and stays there. > Until then, no one will want to buy things in Bitcoin. Nothing volatile will be a desirable common currency. So essentially Bitcoin is worthless as a currency... unless governments force people to accept it - essentially gifting bitcoin investors huge fortunes for nothing - and even then it may still be worthless as a currency.

HomieApathy

Article focuses on UK, CAR, UAE, EL SAL & BRA,

stormdelta

> some countries have made it their legal tender El Salvador and the CAR aren't exactly positive examples of good choices by their governments, especially when it comes to their economies. > Skeptical of what? Skeptical that cryptocurrencies are viable as payment systems for any use that doesn't require bypassing regulations. Skeptical that "blockchain" is much more than a solution in search of a problem, believing that it has very few legitimate use cases where it's uniquely better than existing technology. Skeptical that it makes any sense as an asset class outside of speculative gambling. Etc. Smart contracts and other post-hoc attempts to come up with use cases aren't much better - e.g. oracle problem alone undermines much of the claimed uses since the chain categorically can't be authoritative over real world state / entities (no software can). > Also, as a software engineer, you should know that smart contracts and NFTs and crypto are three different entities. NFTs are literally smart contracts, and smart contracts run on cryptocurrency chains. They're not really that separate, and that's something _you_ should've already known if you're promoting this stuff. > Using Blockchain Tech and NFTs for legal documents has nothing to do with one particular crypto, as it’s not reliant on crypto for either of those to function. Public chains need to be cryptocurrencies for the tech's premise to make any sense. There's many explanations of this online, but I'm fond of the one in [this](https://blog.dshr.org/2022/02/ee380-talk.html) article under the "Slide 7" header. And private chains don't make sense to look anything like public chains / cryptocurrencies, since by definition they aren't permissionless or decentralized.

Roberto9410

Many own crypto, via their crime agencies if that counts? As for holding it as reserve, such as how nations hold gold or foreign currency reserves, will take more time, with the first being El Salvador and the CAR. However, there should be a snowball effect whereby the nations that buy in first will be the most advantaged. I think next bull run, instead of one or two nations publicly holding we may see hopefully double digits. Once there’s a global race for BTC at the government level all bets are off

incubus4282

In the CAR, less than [10%](https://en.m.wikipedia.org/wiki/Telecommunications_in_the_Central_African_Republic) of the population have access to internet. The government only controls about 20% of the land and the main military force they deploy is the Russian [Wagner Group](https://www.abc.net.au/news/2023-01-11/wagner-group-mercenaries-in-central-african-republic/101828556). The CAR more or less a dictatorship and the country has been embroiled in a civil war for more than a decade. If the absolute majority of people don't have smartphones and internet, a blockchain/crypto solution is pointless. If individuals from the CAR government are pulling the strings, there is a good chance that it is just a massive grift.

coinfeeds-bot

tldr; The Central African Republic (CAR) has formed a committee of 15 agencies to draft a cryptocurrency bill. The bill should encourage the development of the digital asset industry and potentially aid the local economy. The CAR is among the poorest countries in the world, with a GDP of $2.5 billion and a GNI per capita of $980. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

bojack-horsey

to be honest, I don't think that's true at all, I feel like EU and US are adopting crypto much more than most African countries and that CAR is the exception

New_Accident_4909

Exactly, why would anyone want their passport except for abuse. CAR govmnt is corrupt and this only puts crypto in bad light.

Ill-Sandwich-7703

I’m really exciting by some of the developing countries that are adopting and innovating in the crypto space. Some, like CAR, may be war ravaged but all it takes is a few people with the skills and know-how, so advancements in crypto could be a great leveller in certain forgotten pockets of the world.

New_Accident_4909

CAR is non functional state, I'm all for adoption but this is far from what we need.

coinfeeds-bot

tldr; Central African Republic (CAR) has set up a 15-member committee to draft a bill on the use of cryptocurrencies and tokenization in the region. The committee comprises 15 experts from five ministries. The members are tasked with working on a legal framework that will allow cryptocurrencies to operate in CAR. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

TarkovReddit0r

> BANKMAN-FRIED SAYS CAR DROVE INTO BARRICADE AT PARENT'S HOUSE: BBG Lol what

stormdelta

El Salvador is hardly a positive example to use, and the CAR is an even worse example.

coinfeeds-bot

tldr; The Central African Republic (CAR) became the first African country to adopt Bitcoin as a legal tender in the spring of 2022. The CAR is one of the poorest countries on the poorest continent in the world, ranking at the bottom of the World Bank’s Human Development Index. Sango Coin offers attractive incentives to foreign investors, including citizenship by investment and eventually a CAR passport. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Def_Notta-throwaway

BTC is legal tender in El Salvador and the CAR. It is *accepted* in places across the world. Brazil, all of North America and pretty much the entirety of the EU. Monero is used in dark web transactions. Yes, the use case is dubious but it is an extremely real use case nonetheless. That is part of why it performed better this year than almost any other crypto. Don’t get me wrong, the price of every crypto out there right now is where it is due to speculation. Im not denying that. I just take issue with the idea that use case doesn’t exist.

coinfeeds-bot

tldr; The Central African Republic (CAR) has become the first African country to adopt Bitcoin as legal currency. The CFA franc was created in 1945 to be the currency of the “French Colonies of Africa,” and with France controlling printing and circulation, the French government effectively still has financial control over almost one million square miles of African land and more than 180 million people. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Feeling-Inside5147

“In CAR only 14 percent of the population have access to electricity, and even less – around 10 percent – are able to use the internet.” Poor countries, but not so poor. BTC is not really doing any favor to these countries; read the article.

Rice-Fragrant

Same here, It feels like my wages increased by 60% becauseI I am able to pay myself now! I even did a detailed calculation using a “reverse gross income” calculator and what I found was that: DEBT FREE skilled laborer pockets more money than virtually EVERY working professional like veterinarians, research scientists, dentists, and most doctors other than a brain or plastic surgeon AFTER TAXES AND STUDENT LOANS, CAR LOANS, MORTGAGE etc For example DEBT FREE master Plumbers pocket MORE MONEY than a typical “normie” dentist or pediatrician running around with $300,000 student loans with a 10 year maturation date…. I haven’t even included the house or car loans… after all that, a “normie” debt slave dentist/pediatrician etc will EVENTUALLY CATCH UP to the debt free master plumber/electrician BUT IN THEIR LATER MIDDLE AGES and more than likely NEVER if the master tradesman has used extra money to invest in.

Invest07723

BTC is legal currency in the country of CAR.

Invest07723

Right now it's just El Salvador and CAR, right? Maybe Zimbabwe in 2023 or 2024.

only_enea

The natural progression for commodity money is collectible -> store of value -> means of exchange -> Unit of Account. We are currently in between SoV and MoE. And, lastly, what a strange accusation to make. There are people, today, inside and outside of already established Bitcoin economies of scale (ES, CAR) where people transact and save in bitcoin. For those outside of said jurisdictions, yes they convert, but many regions within those countries require no need for conversion.

tranquilcalm

>So if I'm understanding this right you can essentially buy citizenship in certain countries by buying into their crypto of choice. ¿Who would possibly want to buy CAR citizenship? ¿For what reason?

tranquilcalm

The CAR is about the poorest country in the world. https://countryeconomy.com/hdi/central-african-republic

LankyOrganization107

Somebody once said “crpyto is everything you don’t understand about computers combined with everything you don’t understand about banking”……and we someone who does really understand either I’m pleased I heeded his advice as this is a CAR CRASH…..

koavf

> Fiat doesn’t have intrinsic value but it’s used every day. Riiiiiiiiiiiiiiiight. You're so close. Look again at what I wrote: >Bitcoin doesn't have any intrinsic value and isn't useful. USD is useful *for the exact reason you pointed out*. Since I can go to a store and exchange USD for goods and services, it's useful. When I walk into a store and I have Bitcoins, I cannot exchange it for goods and services, therefore, it's not useful. >You can’t say Btc isn’t used for goods and services when countries use is as their currency. lol, and how's that working out for El Salvador? * [Nine out of 10 of Salvadorans did not have a clear understanding of what bitcoin was, and 67.9% disagreed with the decision to adopt it as legal tender.](https://www.reuters.com/technology/majority-salvadorans-do-not-want-bitcoin-poll-shows-2021-09-02/) * [They've lost 50% of their value.](https://www.bbc.com/news/technology-61813845) * [Their growth rate decliend since adoption.](https://www.cnbc.com/2022/06/25/el-salvador-bitcoin-experiment-not-saving-countrys-finances.html) * [Nowhere else has replicated this experiment other than the Central African Republic](https://www.bbc.com/news/technology-61813845) But maybe the CAR have had some incredible utility out of Bitcoin? Please do tell me what you know about that; I'm very intrigued. (Note that [71% of Salvadoran respondents have seen no improvement in their lives due to Bitcoin adoption](https://www.bloomberg.com/news/articles/2022-09-03/el-salvador-had-a-bitcoin-btc-revolution-hardly-anybody-showed-up).) >Millions of people use it for remittance payments instead of paying western union 25% transaction fees. It constitutes [2% of remittance payments in El Salvador, where it's a currency](https://www.bloomberg.com/news/articles/2022-09-03/el-salvador-had-a-bitcoin-btc-revolution-hardly-anybody-showed-up). lol, proof please. >The network processes between 200,000-400,000 transactions per day. And how many transactions do Mastercard or VISA process per day? >You’re ignoring the facts to fit the narrative you’ve built. lol, which facts? You have no sources and wild claims.

MyNi_NotYourNi

Kenya has one of the best track records in terms of creating a financial system that is inclusive in all its different forms. Whether one agrees with them or not, their stance will have a lot more clout - likely well-reasoned at that - than what basket cases like CAR or El Salvador are doing or saying.

planet_hallows

To be serious, he is probably not wrong as measured in tangible benefit or reduced short term risk to the average Salvadorian. But one must have vision and the world must start somewhere. Bitcoin will take off when enough smaller counties that don't get the same benefits from having their own currency as the US/EU/GB/China do adopt it as a way of banding together against the big guys without having to negotiate and enforce treaties that someone will enviably fail to adhere to. El Salvador and CAR simply can't do it alone.

coinfeeds-bot

tldr; Central African Republic has adopted Bitcoin as legal tender. The Central African Republic is one of the world's poorest countries, and just 11% of the population has access to the internet. It comes eight months after El Salvador became the first country in the world to embrace Bitcoin. The CAR's move is likely to trouble the IMF. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; The Central African Republic's Constitutional Court has ruled that it is unconstitutional to offer land and citizenship with the government-backed crypto, Sango Coin. The ruling came shortly after the CAR government launched the crypto in July 2022. The country's President Faustin-Archange Touadéra has also announced plans to tokenize the country's mineral resources. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

liv2cod

A few points: * "Scientific consensus" is the single biggest fraud ever perpetrated in the name of science. Science doesn't depend on consensus. Scientists don't "vote" on theories to declare the correct one. Science doesn't care about popular opinion. In fact, most science is done contrary to public opinion. Think Galileo, Copernicus, Newton, Darwin, etc. The list is endless. "Consensus" is just bullshit, packaged for easy consumption. * Green energy is the next biggest fraud. Perpetrated by the sellers of "scientific consensus" so they're related. Solar and wind will never be more than bit players in the energy market. It's easy to see why -- the sun don't shine at night and the wind don't blow all da time. * "We'll store it" say the hucksters. Only... you can't store it for LONG enough to replace base load generation of nuclear, coal, oil, and natural gas. You will have long term outages with extended cloudy days and fallow winds. Your energy generation will completely crash at times and your people will freeze to death in the dark, cursing your name. * Look at your leaders in the "green revolution" now. Germany is paying RECORD prices for electricity right now. They went green and got rid of coal and nuclear. Their windmills and solar cells don't work all the time. Russia is raping them for natural gas. The inflation of their energy prices is staggering. They're f----ed. * Your transport revolution will fail. Government is trying to FORCE the market to change to BEVs. The people won't do it. BEVs are good for short distances. If you drive cross country they suck horribly. Every 200 miles you need to find a station and wait 30-45 minutes to "fill" your car. You pray to God there's not a line in front of you. EVERY CAR in that line will take 30-45 minutes. It'll take you HOURS to get your fill-up. I owned a BEV. It was a fun toy, subsidized by taxes paid by my barber and the waitstaff at the local diner. But not useful enough to keep. * Consulting the Chinese on green energy is hilarious. China is expanding their coal generation at RECORD pace. They already produce more CO2 than anyone else and guess what -- they have no "targets" to meet, no "reductions" to plan. This underscores the pointlessness of reducing CO2 LOCALLY. * The "science" and "evidence" of AGW is highly suspect at best. A few climate scientists control the peer-reviewed journals in climatology and they have actively conspired to prevent any articles being published which go against the narrative of complete global catastrophe. The "climate gate" emails were a smoking gun, but those in power -- politicians -- don't want the scare to end. So nobody will pursue investigations into the conspiracy. The fix is in. * Temperature records are held and distributed by very few organizations. NOAA and NASA for example. When you dig deep and find the ultimate source of temperature data, you will find that the data has been "corrected" by the agencies. What corrections are applied? Unknown. Can we get the uncorrected data for comparison? Sadly, the uncorrected data was all lost in a terrible digital accident and is no longer available. WTF?? Yes, it's true. All available temperature data has been changed by an unknown amount using an unknown factor and the unchanged data is not available. There's your science. Believe us, because you really have no other choice. * Models have been used to predict global temperature rise for the past 40 or more years, ever since "global warming" supplanted "global cooling" as the crises to scare voters. All of those models -- every single one -- has been proven wrong in the a few years immediately following the release of the model. No model has ever come even slightly close to being verified with subsequent measured data. It goes without saying that "models" are not "science". A model is a guess. A tricky equation to fit data into a line. Models necessarily simplify the system they model, and those simplifications are entirely up to the modeler. That is why models fail. They are built to prove the researcher's bias. They are inherently anti-scientific because the researcher is supposed to take his bias OUT of the experiment. A model is all about putting bias INTO the model. * So are temperatures rising? Probably. Are they solely due to humans creating CO2 in the atmosphere? Not even close. That's why your green mafia always focus on the disaster that lies ahead if you DON'T destroy your economy, but never tell you what happens if you DO. Because their models predict the temps will still rise. They go up forever and ever, regardless of whether the US exists or not. You can give up EVERYTHING they tell you to, and the planet will still fry. Just a little later. Have you ever seen the green mafia tell you that their proposals will FIX global warming? NO. Because they won't. * AGW is a religion because it relies on total faith. Faith that the measurements aren't doctored (they are). Faith that the models are accurate and complete (they aren't). Faith that your betters -- politicians and elites flying to Davos in private jets -- are much smarter than you and are only acting in your best interests (they're not). And any heretics are fundamentally evil and must be destroyed. They can never be heard, never be tolerated, must be silenced at any cost. Even to the point that they are jailed in many countries today. Just my two cents. You may agree or not. I would never tell you that you must agree with me. That's how religions operate.

coinfeeds-bot

tldr; El Salvador is the first country to adopt Bitcoin as legal tender. Central African Republic (CAR) is the second country to do so. Central banks are getting into digital currencies. With remittances contributing to the economy in a big way, digital currencies can not only help financial inclusion but also achieve cost savings. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

HiCarumba

TLDR: El Salvador and Central African Republic (CAR) ...... as if you didnt know already

memestarbotcom

>The Sango Initiative is also drawing more attention to the CAR by offering citizenship through SANGO Coins. Individuals can apply to become a citizen of the Central African Republic by buying and locking $60,000 worth of SANGO Coins, and they get a CAR passport for international travels. Only costs $60,000 to become a citizen

XxTensai

I don't think things are going well in CAR, it doesn't have anything to do with BTC tho.

XWarriorYZ

Sure, CAR has a lot of problems that need to be solved without crypto. However, carving out a place for crypto in their laws and policies is a step in the right direction if they are trying to modernize the country. Smartphones are getting cheaper and cheaper as time goes on and Africa is one of the places seeing the highest increases in smartphone adoption rates. And as we all know, you only need a smartphone and an internet connection to use crypto. Maybe they just see this as setting the framework for the future rather than playing catch-up when the country further modernizes.

coinfeeds-bot

tldr; The Central African Republic has built the entire Sango ecosystem on the bitcoin blockchain. The nodes that the Sango Coin runs on are controlled by entities in the CAR. Transactions are faster, cheaper, and safer because it is a sidechain of the bitcoin network. Individuals can apply to become a citizen of the CAR by buying and locking $60,000 worth of SANGO Coins. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

lDanceLikeThis

Sign a FU msg to CSW with the keys. Pay down el salvador's & CAR's external debt. Fund an 🏆 award for btc heroes. Keep last 420 btc for the family.

sdfsdgewe

People think if they stop the bitcoin they will make the world a better place for everyone. I mean really, if someone is really thinking about the climate change then stop using AC, CAR and the mobile phone is well.

egranville2

I am sure that those who are talking about the bitcoin harming the climate actually care about the climate at the first place is well. Because they are using the AC, they are using the CAR, and they are using the mobile phone in the first place is well.

coinfeeds-bot

tldr; Changpeng Zhao, the CEO of Binance, met with the President of the Central African Republic, Faustin-Archange Touadera. The two discussed education, investments, and crypto adoption in the CAR. The CAR recently became the first African country to make bitcoin legal tender. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Castr0-

Binance and CAR making good steps.

coinfeeds-bot

tldr; Binance CEO Changpeng Zhao recently met with the President of the Central African Republic (CAR) President Faustin-Archange Touadéra. The two discussed "education, investments, regulatory frameworks, and crypto adoption" in the CAR. The CAR recently became the first African country to make bitcoin legal tender. This is the second time Zhao has met with a country that has legally adopted bitcoin. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

TASH_DEV

And bitcoin has practical application , people are using it as a mode of payment for different purposes many institutional investors have made their investment in it, countries like El salvador and CAR adopted and more pending. The only thing that is stopping the common people to adopt is it price fluctuations which would also solve when masses realize it's true value.

benditbackwards

yea this is starting sound suspiciously like CAR (Central African Republic), one one hand they say they are embracing Bitcoin, but on the other they are issuing their own shit-coin. You can't have both.

sgtslaughterTV

Hal Finney predicted something like this happening. Banks using bitcoin as a reserve asset and issuing currencies based on its value. It will be interesting to see how it goes in CAR...

LouQuacious

Not yet it looks like, less than 5% sold in 24hrs. Head here for more on CAR: r/CAfricanRepublic

LouQuacious

Head here for more info on CAR: r/CAfricanRepublic

LouQuacious

Wrong. CAR's CFA franc is tied to Euro and in a block with other countries. Head here for more info: r/CAfricanRepublic

LouQuacious

Basically that’s likely the case. CNC is opinion but local opinion. Been on the Bangui beat for a while it’s been interesting watching crypto come into play there. CAR Twitter has never been so lively!

lisasgreat

Thanks. One of the latest links on that subreddit confirms the more reasonable takes here - that crypto is just another way for the crooked leaders to steal more of the wealth of CAR, and stupid crypto-pushers are just lapping it up. https://corbeaunews--centrafrique-org.translate.goog/sangocoin-la-nationalite-et-nos-terres-vendues-a-vile-prix/?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=wapp

LouQuacious

For the latest on CAR: r/CAfricanRepublic

Hodl2

I can imagine a bunch of shitcoiners falling for it unfortunately. They fall for anything and if CAR just add some Web3 marketing they'll go full retard thinking they own natural resources AND web3. And when we try to warn them they'll call us toxic

New_Dawn

Really interested to see how this develops. So far it's El Salvador and CAR... Central America and Central Africa on the dance floor

kenlbear

Typical. All my contacts with CAR were similar.

Academic-Art7662

on a continent of chaos, the CAR is probably the most chaotic. It has a 4 way civil war, French, and US military intervention

lisasgreat

Thanks for bringing this up. But you know, everything in your post is just supporting the potential of _mobile payment_ in Africa. Not Bitcoin specifically. Which I thought was more than just mobile payment and an actual currency, no? A few facts about CAR if you care to know that might make you think differently about this: 1. CAR actually already has a relatively stable currency, the Central African CFA franc, pegged to the euro, that has been credited as bringing macroeconomic stability to the Central and West African regions, as multiple countries use the currency in a monetary union. Even helps facilitate trade between the countries using the currency. See https://www.theafricareport.com/22378/the-pros-and-cons-of-the-cfa-franc-zone/amp/, a great article by one of the central bankers in the region listing the pros and cons. I know you can say that all fiat is bad, but the CAR's currency is not like Zimbabwe in the era of hyperinflation, so the need for a replacement is just lower. 2. The African continent has already seen several experiments with low transaction fee, very fast, mobile payment systems, some of which have been highly successful like M-Pesa and even been exported to other countries. M-Pesa, for example, started in Kenya and has since been applied in Tanzania, South Africa, Lesotho, DRC, Ghana and Ethiopia, among others. Adoption has been extremely high among cellphone users in these countries. See this recent article that provides a summary of the academic literature on the subject - https://www.vox.com/platform/amp/future-perfect/21420357/kenya-mobile-banking-unbanked-cellphone-money Given all this, how is Bitcoin supposed to be superior here? 3. In contrast to #1 above where the CFA franc is relatively stable, Bitcoin has been extremely volatile, making it impossible to have relatively stable prices. 1 November 2021 BTC = 3 July 2022 BTC, while the CFA franc has barely changed in value by 5-10% even with the fall of the euro against the dollar. How is a volatile, speculative, deflationary currency supposed to help here? Are Central Africans supposed to continue pricing in CFA francs, and buyers supposed to buy as much bitcoin as they need to cover the price in francs, and the sellers convert the bitcoin back to francs? Waste of transaction fees and electricity perhaps?

PrognosticalSon

This is interesting. Countries are adopting different ways of incorporating BTC. El Salvador did the legal tender and reserve, but no shitcoin. CAR looks to be treating BTC as gold, issuing an inflating shitcoin against it. No innovation here.

Mrs-Lemon

> Wow, adoption by the poorest country in Africa, where over 90% of its residents don't have access to the internet, and most have no running water or electricity. You clearly have never been to a poor sub-Saharan country and used the internet there. Even as poor as CAR is, a significant part of the population will have cheap smart phones capable of accessing the internet and transacting bitcoin. Lack of running water and a functional electrical grid is actually not much of a hinderance to internet service. Many areas in sub-Saharan Africa have these issues yet run cell phone towers off gas generators and have charging booths to charge phones. I spent many years living in sub-Saharan Africa (along with traveling overland for almost a year to various countries) and lived in villages where the nearest electrical grid was 8 hours driving away. Yet it was easy for me and others in the village to charge a cell phone and to use the internet. This was almost 10 years ago. It's only gotten easier. So much misunderstanding here

mzp3256

The CAR makes El Salvador look like Monaco

TipTechnicali

Interesting. I've got aware of LBank since they got validated as a data source for DIAData on CAR 21. I'm not sure if blockchain will solve Africa's economic problems, but it's a good start. It's a powerful technology for social change and economic development.

Last-Effect-2315

Anyone who applauds this needs to read about something other than BTC. Explain how this is some major development when: 1) CAR literally one of the poorest countries in the world 2) Civil war for nearly 2 decades, government dysfunctional and coup-wracked 3) Just 12-13 percent of population even USES THE INTERNET But yep, this is definitely the breakthrough we need, a poor African dictatorship slaughtering minorities and insurgents and so poor it can't buy much in the world anyway, and where most people aren't even online... Using BTC as a reserve currency when -- repeat after me kids -- THE WHOLE POINT OF BTC IS TO NOT BE USED BY FIAT AUTHORITIES LIKE CENTRAL BANKS AS A RESERVE CURRENCY

coinfeeds-bot

tldr; The Central African Republic is set to make Bitcoin an official reserve asset. The CAR recently became the first country in Africa and the second in the world to recognize bitcoin as legal tender. The move is part of the CAR's plan to use crypto and blockchain technology as tools to transform its debilitated economy. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; The Central African Republic is set to make Bitcoin an official reserve asset. The CAR recently became the first country in Africa and the second in the world to recognize bitcoin as legal tender. The move is part of the CAR's plan to use crypto and blockchain technology as tools to transform its debilitated economy. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

buickcoin

true, if someone has the needs of the thing they will buy. You can take the example of the CAR, house, phone or any other thing that will become cheap over the time.

ErdoganTalk

reddit r/CAR_

coinfeeds-bot

tldr; Central African Republic (CAR) President Faustin-Archange Touadera has said cryptocurrencies are an alternative to cash. He also claimed that "the formal economy is no longer an option" for the CAR. Bitcoiners, however, insist the top cryptocurrency is the only solution to the CAR's money problems. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

KilzzoneXD

Did CAR actually ever adopt BTC? I saw a lot of back and forth if it was true or not

neohavock

Well, it was made primary currency by El Salvador and the CAR.

JuiceColdman

Be quiet back there, or I’ll turn this CAR around and we’re going straight home!!!

coinfeeds-bot

tldr; Central African Republic President Faustin-Archange Touadéra has launched Sango Coin, the country’s own cryptocurrency. The CAR plans to tokenize its natural resources, including diamonds, diamonds, copper, coltan, lithium, cobalt, and other strategic minerals. The country also plans to digitize its land registry system and leverage blockchain technology to do so. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Central African Republic President Faustin-Archange Touadéra has launched Sango Coin, the country’s own cryptocurrency. The CAR plans to tokenize its natural resources, including diamonds, diamonds, copper, coltan, lithium, cobalt, and other strategic minerals. The country also plans to digitize its land registry system and leverage blockchain technology to do so. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

IkHaalHogeCijfers

Uganda discovered that gold deposit, not CAR. CAR is a country, not central Africa.

coinfeeds-bot

tldr; The Central African Republic (CAR) recently became the first nation to grant Bitcoin and other cryptocurrencies the status of legal tender. The CAR has been ailing for quite some time, and only about 10% of the country’s population has internet access, according to World Bank data. The move is likely to further normalize crypto in the public eye and draw more eyes to the public blockchain space *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

ultraganymede

>D. So unless you think the USD is disappearing, BTC probably isn't a real future currency unless it stops gaining in value. people would tend to spend USD but they wouldn't have the same enthusiasm in receiving USD, they would rather receive in BTC. the tendency is to become more and more difficult to find anybody willing to sell things with USD be cause they ultimately want BTC, they might accept as long as they are able to find people selling BTC for USD, but if the USD value keeps going down less and less people will sell BTC and more and more people will want to pay with USD (who wouldn't want to buy a car with toilet paper or a few bananas?) but less and less sellers will accept USD (who would want to sell your CAR for worthless colorful paper). if this keeps going the tendency is for the less valueble currencies to become trash

coinfeeds-bot

tldr; The Central African Republic has launched its first significant crypto initiative dubbed the “Sango project” to attract global crypto businesses and enthusiasts. The project will also create a crypto island – an SEZ in the metaverse. In April, CAR became the second in the world to adopt bitcoin as a legal currency after El Salvador. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Central African Republic President Faustin-Archange Touadéra has announced the CAR government will be backing an initiative to develop the country's blockchain infrastructure. The CAR plans to have a dedicated legal framework for crypto in place by the end of 2022. The country's plans include building a "legal crypto hub" aimed at attracting businesses and global crypto-enthusiasts. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; Central African Republic President Faustin-Archange Touadéra has announced that his nation’s “Sango” project will launch on July 3rd. The initiative is intended to make CAR the most “progressive” economy in Africa through the use of blockchain technology. It will also establish a crypto national bank, create a state-sponsored lightning wallet and exempt crypto exchanges from taxes. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

StandardCell9963

Faustin-Archange Touadéra – President of the Central African Republic (CAR) – has announced that his nation’s burgeoning crypto hub will launch on July 3rd. The initiative (also known as the “Sango” project) is intended to make CAR the most “progressive” economy in Africa through the use of blockchain technology.

ThatOne749

doesn't USD or most fiat currencies fufill most (bar the last point) of your requirements? bit of free knowledge for you, DAILY transactions in USD alone are 5billion plus; daily transactions in crypto barely reach 1million at the absolute maximum; if you don't see a problem here, you need to learn some basic maths/DYOR all cryptocurrencies lack at least 2 of the requirements - so why not use fiat instead? BTC - speed? scalability? (Lightning network isn't in place NOW, maybe in the future, but not right this second) Altcoins have the privacy/security issue - being administered by a main company, they could theoretically crash the value and make off with everyones money anyone that thinks crypto will replace USD/any major fiat (USD/GBP/EUR/JPY/CHF/YEN) is deluding themselves - yes El Salvador and CAR have BTC as legal tender - but IMF have urged El Salvador to remove BTC as legal tender for many reasons moan all you want about 'big corporations' but most countries kinda need the IMF and/or World Bank safety net - just look at what is happening in Russia, idk if you want that happening in America/France/UK/etc. (I bet no one here is El Salvadorian; lets hear how well its going for them before we decide to jump ship)

Substantial-Ad-5012

El Salvador or CAR

GerryManDarling

For this to work, the NFT will need to be legally binding, endorsed by whatever government the property is located at. I can't imagine any country (except CAR and El Salvador) will do something so... stup-- I meant "special". So instead of storing the property ownership by the government in a secured database, we stored it in an open database. So if someone lose their password, they can lose their house. You can steal a house by hacking into someone's account? Sounds fun.

OneThirstyJ

Crypto needs about 10-15 years to be fairly mature and reach a lot of use cases. It’s developing incredibly fast. Flying cars?? Wide scale may never happen. We have all the tech in the world but jet packs are still hardly a thing. Moving that much air for a human makes a crazy amount of noise, I can’t even imagine a CAR. Even if it were possible and safe wide scale, cities and towns would be terrible with that noise. We need some mind bending physics to make this an actual thing. Probably thousands of years away from that.

rsbkr

I'm employed, paid well and don't have time to do this. The concept still won't allow me to buy groceries in BTC? Unless you live in a major city, El Salvador or CAR where BTC is accepted its pretty much impossible to survive off BTC alone. Until adoption is widespread, banks are required to off ramp.

coinfeeds-bot

tldr; A Bitcoin Delegation has visited the Central African Republic to offer advice on how the country can best adopt Bitcoin as legal tender. The CAR has one of the lowest gross domestic products in the world and a population that is largely shielded from technological developments like smartphones and the internet. As of 2020, only 15% of the population had access to electrical power and 10% used the internet in the CAR. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

coinfeeds-bot

tldr; A delegation of Bitcoiners flew to the Central African Republic to meet with the country's President Faustin-Archange Touadéra to discuss bitcoin adoption pathways. CAR is the world's second country to formally recognise bitcoin as legal tender for use in regular trade and taxation. The CAR is on a quest to become Africa's first country to allow widespread bitcoin use. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

someChunt

Lol, yeah, well I didn't want to be too negative, but I agree that bitcoin adaption shouldn't rank high on the agenda for CAR.

coinfeeds-bot

tldr; A group of Bitcoiners traveled to the Central African Republic to meet with President Faustin-Archange Touadéra to discuss bitcoin adoption in the country. CAR is 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. The country has the potential to be the first in Africa to enable widespread bitcoin adoption. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

unbuottawa

>In their recommendations, the group addressed what they saw as CAR’s challenges: Low access to electricity Low access to internet Low rates of mobile phone users Lack of educational organizations dedicated to Bitcoin ID card needed to buy a SIM card

thegooddocgonzo

> In their recommendations, the group addressed what they saw as CAR’s challenges: >Low access to electricity >Low access to internet >Low rates of mobile phone users >Lack of educational organizations dedicated to Bitcoin >ID card needed to buy a SIM card Seems like a lot of obstacles. Hope they can overcome them and turn this into a success story.

MyNi_NotYourNi

The Fed, Nigeria and CAR. Nice combo you got there. Same prince behind all three?

coinfeeds-bot

tldr; Central African Republic President Faustin-Archange Touadéra has urged people to understand bitcoin’s “disruptive power to bring long-term prosperity.” He added, “Mathematics don’t account for human emotions. Bitcoin is universal money” In April, the CAR became the second country after El Salvador to make Bitcoin legal tender. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

diradder

> I check out You should have done that before citing your alleged experience while being clearly uninformed about M-Pesa and the reason why it has been more successful than the many previous attempts. You're apparently as well informed about this than you are about El Salvador and the CAR, so it's preferable that you do check out. > But you will be waiting a very very long time waiting for Bitcoin to save the poor masses in the third world. It's already available to anyone, without regulations, and it cannot be stopped, so your concerns are really just merely a timing issue. But the fact that you're seemingly against even attempting to provide an alternative, an option to these people (and actually to the banked people too) speaks volumes.

coinfeeds-bot

tldr; Central African Republic (CAR) President Faustin-Archange Touadéra has tweeted that he remains unfazed by the crypto market downturn. The tweet is a reaction to the continued crypto winter, which has seen the total market valuation drop below $1 trillion. CAR recently signed a deal with neighboring Cameroon to share its fiber-optic network. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Jankylad

>Yes I do, all of crypto is only worth like $1 trillion right now, a fraction of 1% of value held in fiat systems. Third world countries, even just a partial chunk of them, are worth that much in investable value easily Venezuela has a GDP of 50b, if we're looking at the countries adapting CAR has a GDP of 2.5b and El Salvador 25B. If we're looking at the poorest countries with extremely unstable cutrencies that "only one trillion"market cap is more than all their GDPs combined. Especially if you look at the price before, not just a number that's more convenient. BTC alone had a market cap of around 1.5t. So if you're arguing BTC is useful for these countries than the price is EXTREMELY overvalued. >They don't need to use layer 1, for this particular use case it's about being a reserve, not about it's day to day settlement security. You could settle up just once a year and be fine, or whatever, in those countries, because day to day you can just trust the government to be relatively competent (keeping in mind you will settle with them sono and any shenanigans will be revealed each year, etc, so they can't do much) The issue you're ignoring is that opening a layer and needing to settling it still happens in layer 1. Or if the government, usually not a stable democracy, wants to steal their btc. In that case the fees could be upwards of 70 dollars, how are poor people supposed to afford it? Even if it would only be once a year? That's more than I pay for banking per year in Sweden. And that number is from when western speculation hysteria is in use, if hundreds of millions or even billions would want/have to use it the time for everyone to do one settlement could take literal decades and the fees would be astronomical. Tell me again how this is viable? >Right but the point is the reserve effects, not tx utility. El Salvador's "Chivo" system seems reasonably functional for example (though needs more transparency on which officials have access to it) You mean except people are reportedly losing their funds, being blocked and having other troubles with something in a country where a huge amount of citizens are living under the poverty line and a glitch making their funds inaccesible can destroy a family? And that's not even taking up the MAJOR issue you slightly touched on where Bukele or whatever other corrupt official in that dictatorship may just take the coins and flee and there is nothing the citizens can do about it. >Nobody said anything about mining But we have to. Even if day to day use is on LN, or whatever delusions you tell yourself to make this viable and have a utility somewhere, the miners are still mining and they want to get paid. If the utility is unstable third world countries using it as a reserve then they have to pay the mining costs in the end with transactions (and inflation). They're also left to the whims of miners and nodes, mostly corporations and rich tech bros from richer countries, who could change how the currency works, inflates or functions.

prufrock2015

>when the equity markets crash, everything that is priced in dollars crashes with it, because people are scrambling to get $us cash to pay their mortgages By the way, this is not the reason gold dropped, though you sort of lucked into the right track to the right answer, in the sense it's almost always correct to believe prices drop due to more supply than demand. However, gold did not drop because mom and pop were selling gold to pay their mortgages. Gold prices dropped in 2008 because the GOFO rate became negative, meaning it became cheaper for banks to borrow against gold vs borrowing currency. This has only happened a few times in history and had been followed by a huge ascent in gold prices each time (note: no longer works since after 2008, banks started accepting other assets for loan fulfillment). In any case, as gold was one of the few eligible assets as collateral--aside from government bonds which also saw massive activity amidst the crisis--it made sense for banks to borrow gold from bullion banks at the fire sale rates that was lower than LIBOR, and sell them on the open market to address the liquidity crunch. Unless you are El Savlador or the CAR, the central bank is not accepting bitcoin as a valid collateral asset not to mention there're no liquidity crunches right now. In any case, it seems you're suggesting bitcoin is dropping because equity prices drops are forcing all the Joes and Janes to liquify their crypto holding to pay their mortgages--which possibly has some merit--but also think that's what happened in 2008 to gold, which not what happened at all.

spaghettiking216

The CAR has been in a civil war for almost a decade and over 1 million people have fled their homes, but of course that’s not important.

SmoothGoing

Their national currencies are USD and CAR francs.

sdfgvwrz

That’s huge! If there is no small print to that title. then this could be one of the biggest things in crypto adoption to have happened so far, along with El Salvador and CAR’s laws.

extrastone

I'll think about it a different way: Less than 10% of the CAR uses the internet. For most people it does not matter. However. For that upper crust that does use the internet, it would be very useful to have a reliable online banking system. After a civil war, those people can use an online banking system with much less effort. Furthermore it may be a better way to receive payment for exports. Who wants to convert to a Central African Franc and deal with multiple banks when you could just use bitcoin?

coinfeeds-bot

tldr; The Central African Republic (CAR) has become the second country in the world to adopt Bitcoin as legal tender. The country's President Faustin-Archange Touadéra tweeted, "Vires in Numeris" - a Latin motto meaning "strength in numbers" that has been associated with Bitcoin. "Impenetrable bureaucracy keeps us stuck in systems that don't give us the ability to perform," he added. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*