Central African Republic President remains unfazed by the crypto market slump
The President of the Central African Republic hints at his continued support for bitcoin in a tweet despite the negative state of the crypto market.
By Anna B Kiwanuka
The President of the Central African Republic (CAR), Faustin-Archange Touadéraon, stated recently that he is unfazed by the decline in the cryptocurrency market.
The president, who has long been a supporter of cryptocurrencies, stressed his continued support for crypto in a tweet despite the severe economic downturn in response to the ongoing crypto winter, which has seen the overall market valuation fall below $1 trillion.
The Central Africa Republic announced the adoption of bitcoin as a legal tender in April this year and the President referred to this move as a “decisive step towards opening up new opportunities.” The move made it the first African country and the second in the world, after El Salvador, to legalize the use of Bitcoin.
While the decision has drawn much criticism and concerns about whether Bitcoin will solve the country’s financial problems, the country still strongly takes a positive stand on adopting Bitcoin. Additionally, the adoption of Bitcoin in CAR has been slow, nonetheless, the president continues to push with missionary zeal.
Although it has been adopted, the war-torn nation still lacks the technological foundation needed to sustain the adoption of bitcoin. As a result, it continues to hang onto its acceptance of cryptocurrencies as a potential stimulus for rapid development.