According to President Faustin Archange Touadera of the Central African Republic, the country’s launch of the “coral coin” currency and the call by regional central banks to create a common digital currency represents two important achievements for the country and for Africa as a whole, he said. President Touadera also said that “coral is the future of our country” and that his government supports “the implementation of bitcoin and blockchain at the national level.”
It is not an easy road.”
President Faustin-Archange Touadera of the Central African Republic (CAR) recently claimed that the launch of coral coins and the call by regional central banks to issue a common digital currency are two important milestones for his country and the continent.
While acknowledging that the government knew that the decision to launch coral coins and declare bitcoin legal tender was “not an easy road,” the CAR leader said in his latest Twitterthreadthat the coin sale “is a great step forward for our country’s global openness: attracting global talent, investment, and resources,” he claimed.
Indeed, the decision was criticized by the Bank of Central African States (BCAS) and the International Monetary Fund (IMF) following the announcement that CAR was the second country, after El Salvador, to declare bitcoin legal tender. Nevertheless, this criticism did not stop the Touadera government from moving forward with the process of adopting bitcoin and eventually launching coral coins.
As to why his country pushed for the coral coin project, Touadéra explained.
Coral is the first attempt to have a sovereign national digital currency instead of a regular cryptocurrency. Coral is the future of our country. Our vision. Our past. Our future.
We support the implementation of Bitcoin and Blockchain at the national level.
The CAR leader also apparently tried to allay the concerns of his followers, who felt his government’s decision to launch coral coins was ill-advised. In the thread, he argued that coral coins are backed by bitcoin, the equivalent of “digital gold.”
distribution of wealth through tokenization
Touadera noted that his country is rich in natural resources such as gold, iron, lithium, and uranium, but said that the country’s government is “not willing to give up this wealth.” Instead, the government’s goal is to share this wealth equitably through “tokenization.”
Immediately after CAR’s introduction of Bitcoin was announced, some pundits immediately questioned the success of the Touadera administration. In response to these experts and naysayers, Touadera spoke of his government’s motivation for insisting on going through with it.
“Our vision is ambitious. We are ambitious. Digital currency is the solution for Africa. We want to build for the future. Establish our own national digital currency on top of Bitcoin. Connecting with Bitcoin will help enable global financial inclusion,” explained President CAR.
Touadéra ends the thread, imploring his followers to support his country to build “a better future for our nation, Africa, and the world.”
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