CFA

CoinFlipKing

Thanks for the comment. I love how different people see btc value for different reasons. Shows how revolutionary it is. I started in consumer lending at a small credit union, got my masters and after grinding for a job at one of the big banks I ended up landing one out of almost pure happenstance. Nothing to do with all my efforts haha. Anyway, got a CFA charter and worked to get into more markets related work and that landed me at my current firm. I think one of the reasons I want to write about btc and markets is that people feel like unless you’re rich you can’t get insight into what’s going on. To an extent that’s true and I don’t like it given my humble roots.

MichaelAischmann

Can I please see your CFP or CFA designation?

TSakaji

CFA The F is for French 🤦🏻‍♂️

takemidown

>The West African Economic and Monetary Union CFA franc is an awful currency. The French created it; they control its conversion rate; they even design and print the notes for use in Africa. A Frenchman sitting in the historic university town of Clermond-Ferrand conjures up the designs in use on CFA notes used by millions of Africans across 13 countries — despite the fact that they might never have set foot in Africa.

Revolutionary_Bet875

“Pocohantas” needs education she claims war on Crypto. What She forgets to say is she is Pro Federal Reserve and Federal Reserve allows things like Unbanked people and the French to abuse a whole civilization with their currency called CFA. Check out this video Elizabeth Warren wanting to destroy Bitcoin could be forgetting that it might be a Racist or a White Privilege to hold power over some people like in this video https://www.reddit.com/r/Bitcoin/comments/128mzza/fighting_back_against_monetary_colonialism/?utm_name=ioscss

youtpout

I know about this, we have good video about this too, lot of french people just don’t care. I hope these countries will leave Franc CFA, the France will have so many problem to threat soon, it’s good opportunity for these countries to leave this shit.

cookmanager

Nice work, thanks for sharing. Under CFA, not just those countries’ economies and money are under colonial rule, their peoples’ labour and livelihood, desire to do better and life’s opportunities are skewed and controlled by external forces. When Africa awakes it will be like nothing in recorded history.

coinfeeds-bot

tldr; A market analyst, Conor Ryder, CFA, recently explored the liquidity state of the crypto markets. He found that BTC pairs are currently at the lowest level of liquidity associated with BTC pairs in 10 months, more down than moments after FTX’s collapse. He also discovered that the spreads have recently tightened, discouraging market makers from adding liquidity. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Fiach_Dubh

BITCOIN THIS WEEK: Biden, Yellen, Bank Run-en, Kramer, Tucker, Gunlach, Emmer, FED Now & CFA Franc https://youtu.be/cyepRMRxvzA

Fiach_Dubh

VIDEOS THIS WEEK: Biden, Yellen, Bank Run-en, Kramer, Tucker, Gunlach, Emmer, FED Now & CFA Franc https://youtu.be/cyepRMRxvzA

KAX1107

It's a lot worse for countries under CFA Franc economic colonialism. Malawi is not even among them. [Togolese human rights activist explains French economic colonialism and how Bitcoin is liberating Africa](https://np.reddit.com/r/Bitcoin/comments/zvlzb4/togolese_human_rights_activist_explains_french/) [The destructive influence of the World Bank and IMF on the development of poor countries](https://twitter.com/saifedean/status/1626163429735104516)

stereoagnostic

\> A study from the CFA Institute earlier this year showed that 94% of state and government pension plans have invested in cryptocurrencies. There's no way this is true. Of course they provide no link or citation and I could find no such report. This article smells like BS.

sleepapneainvestor

This quote is from the article, “A study from the CFA Institute earlier this year showed that 94% of state and government pension plans have invested in cryptocurrencies.” There is no way that this is true.

Spartan3123

It's Not the IMF that exploits poor cities. France maintains a secure secret empire of 14 countries using the CFA Franc. It's explained in this video: https://youtu.be/_-u1Pjce4Lg

martinkem

Nigerians do not use the CFA..

Spartan3123

I think they are still controlled by the CFA Franc A neo-con racket by France: https://youtu.be/_-u1Pjce4Lg Declaring Bitcoin legal tender is a quick way to break out of such schemes which the IMF promotes

Spartan3123

Some context, they are probably trying to break away from the CFA Franc. France uses this currency to control 14 African nations. It's explained well in this video

Spartan3123

Countries issuing their own currency or using a decentralized one can give them freedom from other countries. Eg France controls 14 African nations using a special currency called the CFA Franc It's a disgusting present day example of neo-colonialism Explained by this Caspian Report: https://youtu.be/_-u1Pjce4Lg

Spartan3123

# Imperialism used to come through tanks. Now it comes through banks [https://www.youtube.com/watch?v=\_-u1Pjce4Lg](https://www.youtube.com/watch?v=_-u1Pjce4Lg) In the modern age - where colonialism is have supposed to have ended France has a secret empire controlling 14 African nations - with over 200 million people by using monetary policy and subversive actions and covert military operations. If the IMF cared about national sovereignty it would have shutdown the CFA FRANC

Bunker_Beans

TLDR: According to the CFA Institute, three issues need to be resolved before crypto assets can be fully embraced by mainstream investors: valuation, fiduciary duty and the custody of assets.

EpicHasAIDS

That's no surprise, given the level of knowledge most crypto people have about traditional money management. To anyone who has a passing knowledge of the financial advisory and money management business the CFP and more over the CFA are very important. In general CFAs and CFPs won't want to risk being stripped of their designations. This isn't small news. It isn't crippling, but to people who know things... it's most definitely relevant.

--leockl--

If you are a follower of the Nexo subreddit, you would be aware of my weekly posts on the CeFi space, comparing various characteristics of all CeFi’s (you can see these posts under my Reddit profile). Below are some of the risk indicators Midas is not one of the best CeFi’s available out there: - no custodial insurance. - no own exchange. - native token not listed on large exchanges like Binance or Coinbase. - founder has no finance professional qualifications like CFA (in fact, founders come from a pure tech background and tech folks generally tend to want to move fast and break things, and so not as grounded). - no user loans. - does not comply with the travel rule set out by crypto industry leading body in this space, TRUST. - **no 3rd party CPA/CA attestation/proof-of-reserves.** - not a member of Crypto Market Integrity Coalition (CMIC). - no crypto card offering. - only have 15K followers on Twitter.

zakkair

A two year masters degree part time (assuming you have bachelors) is often enough to go from $45k to $85k. It’s not impossible and many have achieved it. There’s also specialized certifications like CFA Level 1-3 that can easily give a $40k boost.

FoxEvans

You guys know she can be right about the franc CFA and still be a piece of fascist trash, right ?

Qurrix

Stop spreading disinformation, here's [the truth](https://www.bbc.com/news/63708313). >At the time Ms Meloni made her claim in 2019, France required African countries that used the CFA franc to deposit 50% of their foreign exchange reserves (not their exports) with the French treasury, in return for a guaranteed exchange rate with the Euro. Doesn't sound as exploitative, does it?

theabominablewonder

It doesn’t sound like she has as much as a point as she makes out, although these countries are pretty much forced to use the CFA over their own currency as their own currency would devalue faster. It’s interesting that one of these countries is Togo as there was another video where a Togolese woman was pointing out that they had around a 23% conversion fee to buy foreign imports in dollars. So it is far from perfect. They also can’t directly control domestic monetary policy - similar to being in the Euro in that respect I guess. The bigger issue with the financial colonisation of Africa is with the structural adjustment programs and loans given to them by the IMF. They have destroyed some areas of the developing world and rarely helped any countries grow out of poverty. Often a condition of those loans is to allow private foreign industry to take over public utilities or to set up, mine and extra the country’s natural resources. On a recent podcast it was stated that the net overall impact of these policies was an extraction by the west (including private companies) of $2tn of wealth each year [been trying to find a source to back this up but not found anything yet] and countries were still reliant on IMF loans meaning that further conditions could be imposed upon them. These loans are one of the reasons why El Salvador launched the bitcoin bonds scheme, to try and avoid further imposition of conditions by the IMF.

JokeOlantern

This video is from 2019 France made it mandatory to keep 50% of the money in reserves, as a guarantee, to stabilize the currency(*). At no point did they pocket it. Since this video and the bad buzz that followed in Africa, (Because, even though France did not pocket the money, there are some legit concerns about why France would have such drastic power over another country's money) France started talks with the african countries using CFA to let them re-take sovereignty over their moneymaking policies. (*) CFA did prove relatively stable compared to other african currencies. Some argue that it made it better for CFA users (More stability = Better country safety and bigger loans to finance projects) some others do not (With their own monetary policies they could maybe have used the money printer to finance new projects that would in turn make bigger profits.) Disclaimer : I'm french, I tried to be unbiased here. Of course I don't like this b*tch shittalking about my country using made up arguments.

elgrandefourtwenty

Look the France and their franc CFA what a shame, exploiting people and their ressources, abuse the force as always. Free the people's money be a bank, be yours

valex2345

Why they don’t make their own currencies if the CFA is so inconvenient?

KAX1107

>That’s why people like me have to leave their families and mother land to have a chance to build a better future elsewhere I can sympathize with you on that brother. Trying to speak condescendingly about CFA countries lacking maturity to be self sovereign is what ticked me off. These countries are not French affairs. >we do use the dollar as our currency for international exchanges, and it is a cancer as all fiat currencies are made to benefit developed western countries Money should always be neutral. The world's reserve currency should be neutral. Before bitcoin, this unfortunately wasn't possible. Now that it is possible, we have to fight tooth and nail for it. The people who benefit from the fiat cancer will not voluntarily give up power. Bitcoin brings people who were oppressed and exploited by the legacy system to a level playing field with everyone in the west even against the will of governments. Even in the west it's not a level playing field. Few western elites rule the world by having the power to legally counterfeit the world's currency. A central authority having absolute power to print to infinity what everyone else has to work for would never fly in a world of critical thinkers. The education system intentionally does not teach people to think critically about money. It teaches them to obey and work within their corrupt system to their benefit. Education is a great barrier for bitcoin. For thousands of years, we were forced to trust human central authorities to issue money and maintain accounts because we couldn't do it any other way. We had to trust people which meant that few people gained exclusive privilege of controlling money and he who controls your money controls your whole life. If you start thinking about every evil in history, it has always been about control of money. You could write a book. I guess someone already did - The Bitcoin Standard. [This](https://twitter.com/dergigi/status/1510604998471831553) is a nice 2 minute summary by Hayek about the controllers of money not allowing money to develop further.

relesabe

I would have guessed that CFA would have been phased out decades ago -- never heard of it before, would not have heard of it if not for it being mentioned in connection with Bitcoin.

darthchebreg

Don’t be upset man, first, I am on your side and have always pleaded to kill CFA. I am not an activist as the topic is far from my daily life but, I agree France should get out of all matters related to Africa. Second, I hardly believe Bitcoin is a good answer to bring African countries closer to sovereignty and that’s why we are both on the same sub preaching to develop Bitcoin as a currency. Finally, coming back to Algeria, we do use the dollar as our currency for international exchanges, and it is a cancer as all fiat currencies are made to benefit developed western countries. And That’s why people like me have to leave their families and mother land to have a chance to build a better future elsewhere :-(

KAX1107

You're natively Algerian, currently in France profiting from all this exploitation. >Spoiler alert, it didn’t help us much in Algeria as we replaced France by Chinese, Russians or Americans. Algeria is not among CFA countries, the 4th largest economy in Africa, economically sovereign since 1964 and doesn't have all it's natural wealth stolen by a colonial master through economic oppression.

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.*

KAX1107

Eco is an eyewash and it's only for West Africa (the XOF) "The reform of the CFA franc was negotiated throughout the second half of 2019 between France and the eight countries of the West African Economic and Monetary Union (UEMOA): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali , Niger, Senegal and Togo. But the CFA franc does not disappear completely: the six countries of Central Africa (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad), which form a separate monetary zone, will continue to use it." France needs to GTFO from Africa

darthchebreg

Yes, the governments of those countries a the most corrupt. But Macron has opened the door to change this system and there is a project of a new currency called « Eco » which would replace the CFA. But the project is not easy as countries in the community don’t have the same maturity and wealth.

Preflux89

I've been hearing about this from far too long already, is there some initiative to stop this ? and become more financially independent, after all the french are doing this only because the CFA-africans allow it, I mean it's a two part relationship, you can't blame the french without blaming the west africans.

KAX1107

[The CFA Franc: French Monetary Imperialism in Africa](https://blogs.lse.ac.uk/africaatlse/2017/07/12/the-cfa-franc-french-monetary-imperialism-in-africa/) [How the France-backed African CFA franc works as an enabler and barrier to development (written by a Cameroonian professor)](https://www.brookings.edu/opinions/how-the-france-backed-african-cfa-franc-works-as-an-enabler-and-barrier-to-development/) [Africa: Neo-Colonial Currency Enables French Exploitation](https://allafrica.com/stories/202208040045.html)

Asum_chum

It’s crazy how much people talk about the dollar being used in poorer countries and the effect that has locally but hardly anyone talks about the CFA which is so much more destructive for economies.

xvn520

An old client turned into friend of mine worked at a hedge fund of funds (yes, it’s annoying an actual thing). When he was my client he worked with Irving Picard on the madoff unwind - I actually got him the job at the firm that assigned him that account. He’s a math wiz with a CPA/CFA/CISA and probably more of those certain than I can remember. After helping Picard, he left the litigation support role and joined the HFoF. Two years later he was the CFO of a well respected company pioneering the introduction of crypto IRAs, and worked directly with CBOE/CFTC to assimilate crypto derivatives into the market. This was 6 years ago. all of this has already happened. Neckbeard SBF and CEO Harry potters sister are useful idiots.

mmmokisee

Currently reading "Africa's last colonial currency: The CFA franc story" eye-opening of France's control of much of Africa through control of their monetary union's treasury & currency. Indirect case for bitcoin

Both_Feeling_8999

Maybe listen to your wife 🤷‍♂️she probably cares more about your money than a crypto sub on reddit. Start with a CFP then talk to a CFA. Get your money foundation right and then try crypto on the side. NFA, dyor.

SupportUnit66

Free from what? We are talking about being free from central bank slavery... Or CFA Franc in Africa... Of course if you mean to be free from sins only Jesus Christ can do that!

KAX1107

He's right and I already explained in my post yesterday. Big four is a big grift even in tradfi and they have absolutely no clue how to audit bitcoin and crypto as yet. Mazars suspended work for crypto firms "because of indications that markets haven’t been reassured by PoR reports it had published so far", according to an email from the firm seen by Bloomberg News. They also didn't like the publicity they were getting. Enron was a big four audited public company (it was big five at the time). All the 2008 frauds had big four audits. Celsius had a $750 million funding round in December 2021 in which the lead investor brought in big four auditor Deloitte to do "IPO level diligence". [Here](https://nitter.it/jdorman81/status/1603538603824422912) is a CFA talking about legacy auditors still learning how to properly audit crypto firms. [Big four audit firms keep failing. Now they’re being forced to change](https://edition.cnn.com/2020/07/06/business/uk-big-4-accountancy-firms-frc/index.html) [The Wirecard Scandal - Hundreds of Wirecard employees lost their jobs, investors lost a total of €4.5 billion. Why didn't big four auditors recognize the fraud?](https://www.youtube.com/watch?v=C_0XEIFGK5o) [KPMG – How a Big Four auditing firm went rogue in its greed for profit](https://www.dailymaverick.co.za/article/2020-09-16-kpmg-how-a-big-four-auditing-firm-went-rogue-in-its-greed-for-profit/) It would be more reliable than any big four audit to have a rigorous open-source proof of reserves standard established that anyone can easily verify everything on chain. A lot of work and co-operation needed to establish a uniform industry standard but that is definitely the way forward. Legacy audits are obsolete, mostly just eyewash and definitely not the way for bitcoin. Bitcoin is self auditable by anyone and so should be all businesses involved in bitcoin.

KAX1107

Mazars has now said it won't do crypto audits. But the AUP actually found customer liabilities to be 101% collateralized. What they didn't establish was external liabilities related to things like coporate controls, loans, any VC lialibities. CZ says they don't have any such liabilities, don't take on loans and it's a simple business where they make money off listings, trading and fees. Some people on twitter who have no idea how audit firms work looked at the Mazars audit which was under AUP that it had the some caveats which audit firms typically include to cover their own asses. Even the big four, what used to be big five before Enron, have mostly lost all reputation. Taking a hit to reputation is a big fear and most legacy auditors don't really understand how to properly audit a crypto firm and it's especially challenging for a company the size of Binance. Enron was a big four audited public company (it was big five at the time). All the 2008 frauds had big four audits. Celsius had a $750 million funding round in December 2021 in which the lead investor brought in big four auditor Deloitte to do "IPO level diligence". [Here](https://nitter.it/jdorman81/status/1603538603824422912) is a CFA talking about legacy auditors still learning how to properly audit crypto firms. [Big four audit firms keep failing. Now they’re being forced to change](https://edition.cnn.com/2020/07/06/business/uk-big-4-accountancy-firms-frc/index.html) [The Wirecard Scandal - Hundreds of Wirecard employees lost their jobs, investors lost a total of €4.5 billion. Why didn't big four auditors recognize the fraud?](https://www.youtube.com/watch?v=C_0XEIFGK5o) [KPMG – How a Big Four auditing firm went rogue in its greed for profit](https://www.dailymaverick.co.za/article/2020-09-16-kpmg-how-a-big-four-auditing-firm-went-rogue-in-its-greed-for-profit/) I think it would be a lot more reliable than any big four audit to have a rigorous open source proof of reserves standard established that anyone can easily verify everything on chain. It would take a lot of work to establish a uniform industry standard but that is definitely the way forward. Legacy audits are obsolete for bitcoin and big four is just a grift. Bitcoin is self auditable by anyone and so should be all businesses that are involved in bitcoin.

KAX1107

As someone else commented, do you know Enron was big four audited? >just release the necessary data You can identify assets from their publicly verifiable cold storage addresses. The only question people have been asking is regarding corporate controls and CZ has said they don't have any external liabilities, don't take on loans, no VC liabilities. You think it's that simple for an exchange the size of Binance? [This](https://twitter.com/jdorman81/status/1603538603824422912) is a CFA explaining that legacy auditors still don't really understand how to audit a crypto firm. Especially auditing one the size of Binance.

Zealot_Zea

I'm french, not living in France. you know how to read but do you know how to understand ?? Meloni LIED about gold export, that's a fact. I don't support CFA as even a lot of French people contest it (like Lilian Thuram). You seem to have an interest on bitcoin, nice for you, I own some but the more I read you, the more I think to sell it. 😂

xqxcpa

A) Isn't participation in the CFA economic program entirely voluntary? If leaders in CFA countries chose to, they can leave at any time and adopt a new currency - leaders/voters choose to keep the CFA Franc because it shields their money from (domestic) corruption and gives them the stability of the Euro. Why isn't the Cameroonian author asking Cameroon's leaders withdraw from the CFA program? Instead he makes proposals to improve the CFA B) Meloni was straight up wrong. She said that France takes a 50% tax on all exports (at least that is how it was translated in the video). In reality, the CFA program just required that France hold 50% of those countries' foreign exchange reserves: "At the time Ms Meloni submitted her request in 2019, France required African countries that used the CFA franc to deposit 50% of their foreign exchange reserves (not their exports) with the French Treasury, in exchange for a guaranteed exchange rate with the euro. These countries were free to access these reserves at any time if they wished and France paid them interest while they held them (at 0.75%)."

KAX1107

>what Europe and Africa need is nothing but her She's democratically elected. What are you going to do? >Not it's not 100% true 100% true when she said it and the countries are still completely under French monetary colonialism even after France announced that it would [replace CFA franc in western Africa with the Eco](https://www.tellerreport.com/news/2020-05-20-france-officially-announces-the-end-of-the-cfa-franc-in-west-africa---france-24.SkQoQ0RMi8.html) "The reform of the CFA franc was negotiated throughout the second half of 2019 between France and the eight countries of the West African Economic and Monetary Union (UEMOA): Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali , Niger, Senegal and Togo. But the CFA franc does not disappear completely: the six countries of Central Africa (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad), which form a separate monetary zone, will continue to use it." France needs to GTFO of Africa. Just get the hell out of there.

KAX1107

>I don't trust such source Yeah, you're conditioned to trust mass-produced Soros-funded western [mainstream garbage](https://youtu.be/fzYj11qWb-M) and not a Cameroonian professor who literally lived through monetary imperialism? >money evolved Benin , Burkina Faso , Guinea-Bissau , Ivory Coast , Mali , Niger , Senegal , Togo, Cameroon , Central African Republic , Chad , Equatorial Guinea , Gabon , Republic of the Congo. All these countries are still under French monetary colonialism. Their currencies Western African CFA Franc (XOF) and Central African CFA Franc (XAF) are controlled by the French Treasury. The clip above from Meloni was in 2019. In 2020, France announced that countries using XOF will no longer be required to deposit half their reserves with the French treasury and it will be replaced with a new currency but they still do not have complete monetary sovereignty and the situation is unchanged with regards to Central African countries. [Here](https://zenodo.org/record/4076300#.Y44MKXZBxhE) is another paper by another academic who lived through French monetary colonialism in Congo

KAX1107

[The CFA Franc: French Monetary Imperialism in Africa](https://blogs.lse.ac.uk/africaatlse/2017/07/12/the-cfa-franc-french-monetary-imperialism-in-africa/) The CFA franc – originally the French African Colonial franc – was officially created on 26 December 1945 by a decree of General de Gaulle. It is a colonial currency, born of France’s need to foster economic integration among the colonies under its administration, and thus control their resources, economic structures and political systems.

unitsoflife

Any CFA‘s who put their clients into crypto should have their certifications removed. They failed in their most sacred fiduciary duty. And that is to keep their clients out of scams.

KAX1107

>Undemocratic Guy who centrally premined 72 million tokens of his own cryptocurrency is talking about democratic? Crypto bros are so deluded it's not even funny. FTR, Bukele is democratically elected and has the highest independent approval rating of any democratically elected president in the world because he ran on a platform of putting an end to gang violence and corruption and has actually delivered on these promises and done even more. El Salvador is one of [only 16 countries](https://www.unwto.org/news/international-tourism-consolidates-strong-recovery-admidst-growing-challenges) in the entire world to recover in tourism to pre-pandemic levels. It attracted 1.1 million tourists in the first six months of 2022. Tourism Minister Morena Valdez said that bitcoin adoption had increased tourism by 30%. El Salvador has [earned](https://www.lonelyplanet.com/el-salvador) the 'Best in Travel' award by Lovely Planet for 2023. Thanks to volcano bitcoin mining driving down cost of energy production, El Salvador is now energy independent and has gone from importing energy to a [net exporter](https://www.thinkgeoenergy.com/geothermal-energy-has-potential-to-supply-35-of-el-salvador-energy-demand/) of energy as of August 2022 just as Bukele [predicted](https://nitter.it/nayibbukele/status/1479959706235981835#m) back in January. It's a lot more nuanced than these dumb "bitcoin went down, lol El Salvador ruined" concern trolls which are mostly IMF accounts all over social media. They don't want Latin America escaping their clutches. Where would the US go for cheap labour and trade exploitation using toxic IMF loan agreements then? Bukele is bucking a trend and shooting for economic sovereignty for his country. He's extremely popular with his own people for fighting corruption and violence. But he's doing things against the interests of global elites. That's why he gets hit pieces from the same western media which wrote puff pieces and still continues to do so on SBF. He ran in 2019 on a platform of putting an end to crime and corruption. His Territorial Control Plan has drastically reduced homicide rate from 9.2 when he took office to 1.8 now in less than 4 years. According to [Gallup Poll](https://nitter.it/cidgallup/status/1592654953784365056#m), El Salvador now has the lowest rate for corruption in the form of bribery to expedite government process. Grassroots education initiatives like [these](https://nitter.it/MyfirstBitcoin_) that are happening on the ground teaching people young and old about self sovereignty, running a node, self custody and providing Bitcoin diploma courses. [These kids](https://nitter.it/MrTimothyAllen/status/1591516921580720132#m) all earned their Bitcoin diplomas last week in Ataco, El Salvador. [This](https://www.latimes.com/archives/la-xpm-2007-aug-04-fi-dollarize4-story.html) is what adopting the US dollar did for them in 2001 "The policy has had extremely negative effects on the lowest-income groups without doing much to help the overall economy... This was a remedy for a sickness that we didn’t have." El Salvador adopted a currency created out of thin air and controlled by the central authority in another country back in 2001. They adopted a neutral currency controlled by no one in 2021. How could they do this? Outrageous! Scandalous! Would you approve of a president who steers your country towards adopting a neutral, globally accessible sound money resistant to debasement which the government cannot manipulate or would you be happy your government has an infinite money printer to steal the value of your hard earned money whenever they feel like it? Would you be happy that a select few elites, humans just like you can create for free out of nothing something you are required to work for? Or would you like your government to earn every penny like you do? No oppressor likes losing control. If the 14 African countries using CFA Franc under oppressive French monetary colonialism start using bitcoin, they'll get similar hit pieces in western media. Watch out for this. When the Central African Republic passed their law in April adopting bitcoin as legal tender, the Bank of Central African States called it a "serious offence." This is the French-controlled central bank which was exposed by WikiLeaks in 2010 of stealing money from its reserves and giving it to French politicians.

rjsheine

My favorite part is the CFA audit firm from Metaverse’s Decentraland

Office_Sadist

Yeah, I can see them not really reading it lol. Do students generally take the CFA exams before working? I work in operations and I have to do so many ethics trainings and every quarter. I don’t even manage investments or face clients but Ive done dozens of hours trainings on ethics and laws surrounding it. I know you can take the exams and get chartered later when you have the experience requirements, but I always assumed it was more experienced fund managers that were taking the CFA exams.

Jonny_Zuhalter

True fact: "Ethics" is the most commonly failed section of the CFA exams.

Qunidaye

I lurk occasionally, especially when shit is hitting the fan. I've never "invested" in crypto and don't plan to. Almost all the advice is absolute dogshit. DCA is missing the mark because diversification is the critical thing missing not trying to get an average price point in one highly correlated market. When people talk about DYOR, it's usually stupid stuff like reading white papers. You should literally only wipe your ass with any crypto whitepaper. Even in financials from public companies you need to pay close attention to narratives and accounting practices -- it's another level of crazy to go full in on the vague promises and techno jumbo of a white paper. Overall this sub rarely can answer: what is the actual utility, what is the product or service that will generate cash flows? If there are no cash flows, how do I value this? Is it a complicated instance of game theory where I'm likely to loose? The best advice I think is just to skim over some CFA level 1 materials and listen to nothing from any crypto space.

jazzyMD

Your sources are a dude on linked in who has a CFA and a guy on twitter naked boss blunts? Im not saying you are wrong but this is 100% a trust me bro

Roy_Playz

Listen up. YOU LEAVE MY 169 NEXO out of this! Id also like to take amount to argue against 95% Nexo being held on Nexo...if you hold Nexo on Nexo you get slightly higher APY on your assets, and 0% interest loans (for platinum users). You also get 0.5% back every time you swap crypto. Why wouldn't you hold Nexo on Nexo then? It wouldn't make sense not to. FROM what I have seen so far Nexo has 100% collateral on all the loans they give out (and if someone can prove otherwise I would love to see that). I am not a Nexo shill - I truly believe they are the only CeFi who has been doing it right. One of their founders is a CFA - that actually means something. HOWEVER - as many have said before...not your keys not your crypto! I would advise that no matter how much trust you have in any exchange withdraw your funds and wait till it blows over. Also the fact that Nexo was not involved with: Luna, Celsius, Voyager, FTX, and all of these other failed exchanges says a lot. They have definitely watered many bank runs (based on this year along) - if they continue to remain strong then they will be unstoppable! It means the risk management protocols they have in place are designed to work and not just generate revenue but to protect user funds. If Nexo falls I don't think I could trust another crypto company again.

freistil90

Since I took the CFA, then I know. Yes, that’s pretty much all bullshit. The idea with overbought and oversold and so on work in theory but the stochastic oscillators and bollinger bands and so on do not really have a lot of predictive power anymore - especially since TA is based around this psychological aspect of traders. That kinda ignores that more than 80% of volume in crypto, equity and FX markets (equity and FX more than 95% (source: worked on one of the largest derivatives exchanges for quite some time and the exchange knows whether a human or an algo executes)) is from computers. There is no psychology left in markets since, measured by the market participation, humans are not the one who are trading. It starts there and the rest is often debunked by not focussing on “but it worked for me!” but “let’s ask you then what you would trade, test that in a few weeks how that would have worked and repeat that with a lot of people who claim that TA is really THE shit it was in the 1920s and 30s. Just because there are books about it and people do it doesn’t mean a lot. There is financial astrology as well. There are people who are convinced you can have a strategic advantage in roulette playing by just observing the rotator well enough and “detect physical insufficiencies” (which are, when recorded with a camera and reproduced with a high performance computer to essentially EXACTLY reproduce the physics involved, indistinguishable for the human brain). So no. As a CFA, I can tell you, no. TA is also on the shortlist to be removed in the near future from those exams for that exact reason. It’s the homeopathy of finance.

far_in_ha

Pretty sure it was XOF CFA Franc....fond memories when I was a millionaire for a few hours

DigStock

The actual link of the "survey" Mortgage rates are surging higher, inflation is soaring, and many experts are forecasting a recession may soon be on the way. Despite these negative impacts on the housing market, real estate remains America’s favorite long-term investment in 2022, according to a just-released Bankrate survey. It was the third time in the last four years that real estate took the top honors. In all, 29 percent of Americans said that real estate was their top pick for investing money that they didn’t need for 10 or more years. Real estate made a strong showing, and it was the second-highest result – behind only the 31 percent it notched in 2019 – in the survey’s 10 years of polling. The runner-up in this year’s survey was stocks, which garnered 26 percent of Americans’ votes. “Despite a housing market that is coming off the boil, preference for real estate remains high,” says Greg McBride, CFA, Bankrate chief financial analyst. “For the third time in the past four years and sixth time in the past 10 years, real estate is Americans’ preferred way to invest money not needed for more than 10 years. Despite a brutal bear market in 2022, the stock market was a close second.”

nicog67

Im getting my CFA of that counts 😆

BradVet

Legendary investor Warren Buffett says “cryptocurrencies basically have no value and don’t produce anything.” Yet, according to a recent study, 94% of America’s state and local government pensions—often regarded as the dumbest institutional investors in the world by Wall Street—are gambling on cryptocurrencies. If you are a participant in a state or local government-sponsored pension fund, then a portion of your hard-earned retirement savings is likely invested in cryptocurrency or a cryptocurrency-adjacent enterprise. According to a 2022 study published by the CFA Institute, 94% of state and government-sponsored pension funds are invested in one or more cryptocurrencies despite the obvious risks. The attraction to this high-risk asset class is largely driven by the perception that cryptocurrencies have delivered spectacular returns over the last 12 years.

ImperialSoldiers

Tldr; In one tweet, the Rich Dad Poor Dad author detailed that he buys bitcoin because pension funds are buying the cryptocurrency. He referenced an article published by Forbes, titled “Your State Pension Is Now Gambling On Cryptocurrency,” which features a survey showing that 94% of America’s state and local government pensions are investing in cryptocurrencies. Tweeting the article to his 1.2 million followers, Kiyosaki wrote: "Why I buy bitcoin. Pension funds are biggest investment businesses in the world." The survey is part of the latest Investor Trust Study, published in April by the CFA Institute, the global association of investment professionals. The study showed that institutional investors have become bigger users of cryptocurrencies, with two-thirds saying they are currently invested in these products. In addition, government-sponsored pension plans are the most likely to be invested in crypto assets. In another tweet, Kiyosaki elaborated on why he has recommended buying gold, silver, and bitcoin. The famous author explained that when pensions nearly collapsed, it exposed central banks cannot fix inflation. He noted that pensions have always invested in gold and silver, and now they are investing in bitcoin Saved you a click!

kathigitis

Since you're already following podcasts and finance news I do not have anything significant to add. Perhaps a financial calendar to know when to expect volatility or some investment related subs as r/stocks or r/investing to get a broader perspective. Then again, do not expect a single source of truth that can predict the future. A significant investment in time would be to study finance or do some finance related courses online. Depending on your background it could be anything from basic valuation principles and portfolio management to much more detailed ones, such as the CFA curriculum. About pricing in, and forgive me if I am repeating things you already know, just making sure we're on the same page. A stock valuation is based on future cash flows. Future cash flows depend on growth rates, interest rates etc. so they are affected by macroeconomic factors. When the war in Ukraine started the stock market plummeted because of the huge implications in the world economy. Increased interest rates have similar impact, it just wasn't that sudden. So, if Google is 30% down YTD, it's not because its profits are lower, but because the future looks more pessimistic. S&P being 20% down YTD looks pretty priced in to me. This is explained by the Efficient Market Hypothesis which states that share prices reflect all information available. While, it's not as simple as that, and there are many variations of the EMH, the point remains: Market prices are affected by information as soon as it becomes available, not when "the cold winter actually reaches Europe". Now, why is there volatility then? There's slightly reduced volatility in the last 3 months, as there are no big news but there will always be some volatility. Firstly, any small piece of information will move the markets. Jerome Powell says a minor thing about inflation, investors analyze every word he says and react accordingly. Sector related news, company related news, war news, energy news, weather forecasts, everything affects the price. Secondly, even assuming that everyone holds the same information at a given time, assumptions about the future growth rate, interest rates, inflation and company specific metrics are little more than educated guesses. And company valuations are extremely sensitive to small changes in those assumptions. That's why you have brilliant minds in Wall Street disagreeing. You can create probability scenarios, but you cannot predict the future.

StockTrix

I mean, the use cases become more and more. apparent the more we think outside the box. Okay, so i'm a landlord, and i rent property. A potential tenant comes to me saying (oh yes, id love to live here, i'm an accountant, or a Lawyer blah blah blah'. How do i QUICKLY and EFFICIENTLY check if he's actually a qualified accountant or Lawyer? Yes i could pay $10.99 to the Bar or CFA accredited bodies.... But wouldn't it be ideal, if these bodies already held registered information on the chain. SO i spend a token and verify my tenant is really qualified. Then i want to check if he is actually employed by Ernst & Young. Again, institutions have provided information to the chain - so i spend a token )transaction fee) and verify this guy is employed by Ernst & Young. The use cases are profound.

rwdrift

No, money printing is even worse for underdeveloped countries forced to use some currency they don't have any control over. Examples all over the world - any country other than the US that uses the dollar for example. Their economies don't even receive any of the printed money - the monetary energy in their economies is simply a sucked out into the nation that controls the money supply. It's one of the big reasons the US became so powerful, and then complacent. The countries forced to use the Central African CFA franc are a perfect example of how entire countries can be enslaved simply through the control of the money supply.

JamesBondMI6007

Well that’s a flat out insane ask, not to mention it fully puts the onus on OP to teach you everything about investing principles and TA. When you should be looking for resources to self learn or taking courses on it. Not to mention the time investment and level of detail required to explain all of that information. Which could definitely not be achieved in a single post, or even a dozen posts for that matter. But here’s a decent starting point if you’re actually interested in taking some effort to learn, a 55 part course on Investopedia, that just scratches the surface on TA. https://www.investopedia.com/terms/t/technical-analysis-of-stocks-and-trends.asp And if you’re more interested, here is coursework to help study for the CFA. https://www.schweser.com/cfa And if you’re really interested find an MBA program which specializes in Data Analytics with a concentration in financial markets and economics.

jrecio26

It cannot be blocked…you’d literally have to turn off the internet in every corner of the world in order to stop it. Even then, some have used a mesh network with their mobile devices to move BTC in the absence of an internet connection. Outlaw Bitcoin you say? Hahaha you mean the same way they stop/outlaw all these illegal drugs from coming into the US? How about the human trafficking? Illegal Immigration? etc. We don’t even have to go that far from the source. US Govt can’t even stop people or hackers from leaking their top secret documents on the internet lol You’ve never had an issue accessing your money? Happy for you bro, sadly you can’t say the same about people in Ukraine or Russia. How about women in the Middle East? or some of the African nations that are forced to use the constantly devalued CFA Franc,a currency the country of France doesn’t even use anymore?! Venezuela, Peru, El Salvador and Argentina would like a word with you as well just to name a few. Just because YOU haven’t had to use it in this way doesn’t mean others haven’t and that it hasn’t been a useful tool for them. FDIC…lol…not even gonna bother with that one. Bitcoin is a financial TOOL. Use it accordingly and please for the love of humanity do some reading before you get on here and spread your nonsense.

LouQuacious

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

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?

afkfrom

They do. I don't see why you're being downvoted. West african countries, mostly "ex colonies" from France are stuck with the CFA (XAF), they cannot use another official currency without breaking their "treaty" with France. Meaning the CFA is issued by France and managed by France. It takes three weeks to transfer fiat from one account to another or to convert to euro (the only convert possible is CFA -> EURO -> [anything else].) Bitcoin is their only alternative as they can push for bitcoin without breaking any treaty: bitcoin didn't exist in the 50s when they "signed" (as a colony) that treaty. It will enable the emancipation of these countries, kind of like Salvador with the US dollar and the IMF.

Dis_Bear

Good article here:https://www.investopedia.com/investing-commodity-etfs-4690946 Also an interesting recent episode of crypto critics corner on etfs that covered this. P. S. You may wish to finish your CFA before lecturing me or anyone else on futures.

chrisbrown21357

“as there is a far less than zero chance of this happening” Having trouble interpreting this mindfuck quote from a CFA.

Fettiwapster

I’m trying to listen. But you keep saying things like 1970s didn’t have inflation and asset prices are how you measure inflation over commodities which are simply wrong. I’m focusing on you losing money, not just today, but I imagine the last few months. Because you’re losing money on an “inflation hedge” during roaring inflation. Until you understand how markets and economics work this will continue to happen. Inflations hurts margins. You value off of margins. You would know this if you passed the CFA exams.

Green-Vehicle8424

CFP & CFA or you are a salesperson

foxy-agent

Africa has many resources that the world wants and needs. The world has been cheaply exploiting them for their resources for years. I hope that by making it a national currency and creating tax havens for residents, they can attract investors who will come and improve their country. Secondary to this, I hope that the CAR will itself make Bitcoin a reserve currency, and begin purchasing Bitcoin to hold as a national investment. Tertiary would be if they actually have infrastructure built to facilitate mining / transacting in Bitcoin. Similar to the volcano mining project in ElSalvador. While I don’t expect a nation of poor people without internet and electricity to begin buying food with Bitcoin tomorrow, next year or even in 5 years, I would like to see them lay the foundation to eventually move in that direction so if/when they climb out from under BEAC they have a path forward. Being able to leave the CFA which is pegged to the French franc will be a good thing.

OpticallyMosache

In comparison to traditional asset classes, they can't be equally educated. The individuals leading and working in these corporations have traditional educations that don't cover BTC like they do bonds, equities, commodities, etc. When you do your masters in finance right now, you might barely touch on BTC. Additionally, we you get certified as a CPA, CFA, or CFP you are barely required to know anything about BTC (maybe some crypto). The regulating bodies, academia, and certification boards are all still learning. If you think the world is fully educated on BTC and the market currently reflects that, then BTC is doomed.

incubus4282

This is just a publicity stunt. Only about 10% of all people in the CAR have [internet access](https://datareportal.com/reports/digital-2020-central-african-republic#:~:text=There%20were%20655.5%20thousand%20internet,at%2014%25%20in%20January%202020.). The president likely wanted to portray himself as a tech visionary and there wasn't a local central bank to be angry about it because the CAR doesn't have control over a domestic currency (XAF is [pegged](https://en.m.wikipedia.org/wiki/Central_African_CFA_franc) to the Euro).

AverageVancouverite

When 5% of the population have access to the internet (5% according to the article and 12% according to the World Bank), introducing something new that the vast majority of citizens cannot access is worrying. However, from what I've seen on other media sites, not everyone is opposed to the use of Bitcoin in the CAR (Obviously). The other currency used by the CAR is the French-backed regional CFA franc, which is seen by some as a relic of the colonial era and seen sometimes as a tool that enables France to continue to affect the economics of nations using the currency. Another key point used by supporters of CAR's use of Bitcoin is that Bitcoin can help make remittances and transfers easier, and also help with foreign currency conversion. Ranked 188 out of 189 on the UNDP's HDI and with a GDP equivalent to under 2.5 billion US dollars, the CAR's among the least economically developed nations in the world, and the use of Bitcoin might help give the economy a chance to kickstart.

coinfeeds-bot

tldr; The Central African Republic has adopted Bitcoin as its official currency. This makes the country the first African nation to adopt Bitcoin as an official currency and the second in the world after El Salvador. The CFA franc, the regional currency governed by the Bank of Central African States (BEAC), is the official currency of the CAR. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

EpicHasAIDS

Ironically African countries that were colonized are still better off than those that weren't colonized. Explain that one. I agree about the CFA Franc, but ultimately the countries that use it have 2 choices. Use it or don't. So to put it simply, those countries aren't shitholes because of my ancestors (who weren't French, British, Dutch or American). They are shitholes because of the people in those countries. Whether colonialism is good or bad aside, how long until we blame the current residents of a country to improve themselves? 100 years? 200 years? 500 years? When can we, in your opinion, state that a shithole is a shithole because of the people who currently control it?

sailing_to_the_stars

In 1999 biggest company in the world was Microsoft with a market cap of around 500 billion. 20 years later the biggest company is apple with a market cap of around 2.5 trillion. Which is 5X. And Bitcoin is not a company. Most likely if it's really accepted as store of value and currency by different countries, it should worth more. This is my wild speculation. I'm a doctor and not a CFA. So, don't follow my advice.

coinfeeds-bot

tldr; The Central African Republic has adopted Bitcoin as legal tender. The country's President Faustin Archange Touadéra said that the parliament had enacted legislation "governing all transactions" in cryptocurrencies and designating Bitcoin as a “reference currency” alongside the CFA franc. Analysts have raised concerns that the regime is attempting to encourage fraudulent transactions. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

TravLr_dave

Alex Gladstein of the human rights foundation Road great peace about the CFA. https://bitcoinmagazine.com/.amp/culture/bitcoin-a-currency-of-decolonization

coinfeeds-bot

tldr; The Central African Republic (CAR) has approved Bitcoin as legal tender, making it the second country in the world to do so. The CAR currently uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa. El Salvador became the first country to adopt Bitcoin in September 2021. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

WikiSummarizerBot

**[Central African CFA franc](https://en.wikipedia.org/wiki/Central_African_CFA_franc)** >The Central African CFA franc (French: franc CFA or simply franc, ISO 4217 code: XAF) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 55. 2 million people (as of 2020), and a combined GDP of US$113. 322 billion (as of 2020). ^([ )[^(F.A.Q)](https://www.reddit.com/r/WikiSummarizer/wiki/index#wiki_f.a.q)^( | )[^(Opt Out)](https://reddit.com/message/compose?to=WikiSummarizerBot&message=OptOut&subject=OptOut)^( | )[^(Opt Out Of Subreddit)](https://np.reddit.com/r/Bitcoin/about/banned)^( | )[^(GitHub)](https://github.com/Sujal-7/WikiSummarizerBot)^( ] Downvote to remove | v1.5)

IBurnWitches

> to back their local currency CAR doesn't even control their own currency, they use the https://en.wikipedia.org/wiki/Central_African_CFA_franc

coinfeeds-bot

tldr; The Central African Republic has approved a resolution to recognize Bitcoin as legal tender alongside the CFA franc, previously the only legal tender in the country. Bitcoin is Sovereign Money and is resistant to censorship. Hyperinflation is impossible with Bitcoin thanks to its 21 million coin hard cap. With fiat currencies, all users are at the mercy of the government that controls the money printer. *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 has approved a resolution to recognize Bitcoin as legal tender alongside the CFA franc, previously the only legal tender in the country. Bitcoin is Sovereign Money and is resistant to censorship. Hyperinflation is impossible with Bitcoin thanks to its 21 million coin hard cap. With fiat currencies, all users are at the mercy of the government that controls the money printer. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

Vegetable_Passion427

You can send algorand to V2OM7BDYKGNQSFSZC3WW46SEHR62WGEC7X4KL3CFA3DR352B52Q4VSBSKY You can send QNT to 0x01854d15448c472a4b32b11A034b1A19D6cb033B If your bored idk. Just saying you can do that if you want to

NoPerspective3234

Ripple are busy building revolutionary products that will forever change the way we transfer money. Of course, none of these solutions will ever use XRP, and neither will the companies using them. That's for dumping on the market to gullible investors to fund all these projects. Mass adoption is happening now on Bitcoin and the lightning network. El Salvador, CFA plus all the other countries making bitcoin legal tender do not give a single fuck about Ripple, XRP or any of their solutions

coinfeeds-bot

tldr; The Central African Republic has become the second-ever country to adopt Bitcoin as a national currency. The country's government says a bill to adopt the cryptocurrency was passed unanimously by the country's parliament. It is one of six African countries to use the Central African CFA franc as its currency. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

milksteakbarbecue

I’m wondering if Central African Republic will request exports to be paid in Bitcoin rather than CFA Francs to avoid France’s monetary colonialism

lightbulb-7

Agree, but it's a great start to get some countries decoupled from the CFA and the French colonialism. And societies tend to flourish with hard money

cookmanager

Three good articles about the French CFA and subsequent ECO, for some history: https://www.brookings.edu/opinions/how-the-france-backed-african-cfa-franc-works-as-an-enabler-and-barrier-to-development/amp/ https://blogs.lse.ac.uk/africaatlse/2017/07/12/the-cfa-franc-french-monetary-imperialism-in-africa/ https://www.reuters.com/article/us-ivorycoast-france-macron/west-africa-renames-cfa-franc-but-keeps-it-pegged-to-euro-idUSKBN1YP0JR

erefernow

Why bitcoin? Check out their existing currency. [https://en.wikipedia.org/wiki/CFA\_franc](https://en.wikipedia.org/wiki/CFA_franc) Many African countries the CFA. I used to travel to West Africa a few times a year so I always kept a stash of CFA instead of changing it out. Imagine my surprise one visit when I was told the thousand dollars of CFA I was carrying had been demonetized and was now completely worthless. Not even beggars wanted it. Honestly, I was stuck in a bad spot. BTC would have helped tremendously. A colleague GAVE me his daughter's college fund she needed next month. I spent 2 weeks living off of her money for the rest of my travels. All he asked was that I wire money back to him when I returned home. Even wiring that money back to him was a huge hassle with the banking difficulties at the time. BTC would have fixed that also.

Sadboiiy

The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year. Lawmakers in the CAR's parliament voted unanimously to pass a bill legalizing bitcoin and other cryptocurrencies, according to a statement from the presidency. Bitcoin will be considered legal tender alongside the regional Central African CFA franc.

coinfeeds-bot

tldr; The Central African Republic (CAR) has approved Bitcoin as legal tender, making it the second country in the world to do so. The CAR currently uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa. El Salvador became the first country to adopt Bitcoin in September 2021. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*