The Central African Republic did not inform the Central Bank that it was planning to adopt Bitcoin

The Central African Republic did not inform the Central Bank that it was planning to adopt Bitcoin ...

Bitcoin became the second country in the world to do so after El Salvador earlier this week. According to Reuters, the government did not disclose its own central bank about the abrupt arrival of the digital currency.

The central bank of the Central African CFA franc claimed it had no knowledge of the government''s intentions before the announcement. Six countries use the regional currency, which is tied to the Euro and supported by France.

According to the Bank of Central African States, at least half of foreign assets must be held by the French Treasury. Detractors view this as a new form of French monetary imperialism, throttling already struggling African economies.

On the streets of the Central African Republic, opinions about the new currency do nothing to boost confidence. "Bitcoin. What is it?" said Auguste Agou, the owner of a timber company in Bangui. "What do Bitcoin bring to our country?"

According to CNBC, the biggest question is who the cryptocurrency court is for, according to David Gerard, an expert on the crypto industry. Internet coverage in the CAR is 11%. Perhaps the government has been told that this will prevent payment in the country, but its unclear how.

The Central African Republic, which is among the world''s most impoverished and conflict-ridden countries, is facing immense challenges. Along with equally limited knowledge on cryptocurrency, the Central African Republic already has a system of electricity and internet.

The Central African Republic is well-known for its gold and diamond-mining industries, but its internet penetration rate has remained constant, with only 11% of the population, or approximately 550,000 people, being able to come online last year, according to the Economist Intelligence Unit. Even more shockingly, a mere 14% of the population has electricity access and not half the country has a mobile phone.

Chainalysis said it had no information on the cryptocurrency usage in the Central African Republic, triggering concerns about how the country might implement this strategy.

"We do not anticipate widespread adoption of cryptocurrency in the country," says a researcher at the Economist Intelligence Unit.

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