The leadership of the Central African Republic has decided that Bitcoin will become the new official currency of the country. It is an interesting move, somewhat intriguing, considering that it is a relatively poor African country where only 11 percent of the population uses the Internet, writes PC Chip.
Bitcoin has been a very popular topic for many analysts, web portals, magazines, but also many other people and media for years. Namely, the popular Bitcoin has so far had a very interesting path of development during which it has created many millionaires, but also certain losers.
The introduction of Bitcoin as the official currency is no longer something new, considering that Salvador has recently done so. However, the introduction of Bitcoin as the official national currency is stirring up an already interesting area of virtual currencies - which could get additional wind in the back from such activities.
However, the question arises - is a poor African country a good testing ground for the development of ideas about national virtual currencies and whether it can influence the development of cryptocurrencies at all.
The initial decision, announced on 27 April, was accompanied by little explanation except that it would open up "new opportunities for our country"
The "more to follow" that President Touadéra was referring to in his May tweet was the announcement of a project called Sango - named after one of the country's official languages. This "visionary" plan would create "a fantastic opportunity for anyone who believes in crypto investing", according to a government press release.
To go on an investor waiting list, the visitor is encouraged to sign up to receive a "secret code" The code provides access to a flashy slide presentation that declares that the CAR wants to build the "first legal Crypto Hub recognized by a country's parliament, that welcomes businesses and attracts global crypto-enthusiasts"
Sango is a "Crypto Island… the first island in the metaverse that is backed by reality" The people behind the presentation used a lot of "big words" but "the document was not very clear on exactly what they want to do", says Stone Atwine, a crypto-specialist who runs digital financial services company Eversend.