Central African Republic (CAR) President Faustin-Archange Touadera recently announced that cryptocurrencies are a cash alternative. However, bitcoiners insist that top cryptocurrencies are the only solution to CAR’s money problems.
Formal economy is not an option
Central African Republic President Faustin-Archange Touadera stated that cryptocurrencies are an alternative to Fiat Cash; Touadera also claimed that for CAR “the formal economy is no longer an option.”
According to Zawya’s report,Touadera’s latest pro-crypto remarks came shortly after the country launched Sango coin, a crypto asset that officials claim will be used to access CAR’s natural resources.
“The Sango coin will be the currency of a new generation in the Central African Republic,” President Touadera was quoted as explaining.
Meanwhile, in a tweet prior to launching the so-called Coral Crypto Hub initiative, President Touadera claimed that digital gold (Bitcoin) will serve as “the engine for our civilization” in the future, just as gold did in the past.
Coralcoin has been questioned
but CAR’s goal is to issue a crypto asset backed byBTChas not been favorably received by many bitcoiners, who have been calling it a “gold mine” that will be “the engine of our civilization. On Twitter, some bitcoiners have questioned the motives behind CAR’s decision to launch its crypto coin, because in their view, bitcoin is already the solution the country needs.
For example, one user named David da Silva Rosa said that the CAR president should not waste the time of his office to “promote questionable projects.” Instead, he should focus on fixing the money.
Another user, E-Money, said.” You just screwed up man. Why say you are going to adopt bitcoin but then try to create your own damn coin? It will fail like the rest.” Other users suggested that CAR should abandon the idea of issuing its own assets.
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