The CAR (Central African Republic) has decided to adopt the most popular Cryptocurrency, Bitcoin, as legal tender. The step surprised and shocked many people around the world. On the other hand, the CAR government is arguing that such a move is for the better. The adoption of Bitcoin is going to secure a more stable and independent financial future. Like Elon Musk, the president seems to be following the cryptic cryptocurrency tweets style. He tweeted Vires in Numeris, which is Latin for Strength in Numbers, and followed it with his country’s motto. The Latin saying has always been associated with Bitcoin, especially on Twitter. He made that tweet only one month after CAR became the 2nd country, after El Salvador, to adopt Bitcoin as legal tender.

The current status of the Central African Republic

Although CAR is one of the mineral-rich countries, but it is ranked amongst the poorest nations in the world. It is a situation that got even more complicated because of its nearly 10-year-long civil conflict, which devastated the nation. It was so bad that the country recruited “Wagner,” the Russian Mercenary Group, so that it could help it in its battle against the rebels. A lot of people are scratching their heads following the Bitcoin announcement by the Central African Republic government. Following the drastic geopolitical changes in the world, some believe it is a political move.

They believe it is a political shift as the CAR moves away from France and closer to Russia. It is also quite questionable as, according to a 2020 estimate, 9 out of 10 people in Central Africa have no internet access. Therefore, there will not be a sudden boom in businesses and people using Bitcoin after this decision. That is not all; there are also plenty of issues with the electricity supply, which left a lot of people questioning the decision.

The New Move is a Part of a Visionary Plan

The decision was by the CAR back in April. The government explained that this move would open new opportunities for the country, with more to follow. The “More to Follow” part by President Touadéra was referring to in his tweet was Sango. It is a project that is named after one of the official languages of the country. The visionary plan aims to create a great opportunity for everyone who believes in investing in crypto, according to a press release by the government.

The press release encouraged people to sign up and receive the code. The code would then re-direct them to a flashy presentation that shows that the country aims to build the first legal Crypto Hub that the country’s parliament with recognize. That hug is going to attract global crypto-lovers and enthusiasts as well as businesses. The new project, “Sango,” is a crypto island in the metaverse, the first crypto island to be backed by reality.

Stone Atwine Comments on the Issue

Stone Atwine is a crypto-specialist who owns Eversend, a digital financial service. He stated that the document used a lot of big words. On the other hand, the presentation did not make it clear what exactly they were planning to do. It seems that between the big words and the slide show, there is some sort of plan that is vague. It seems that would allow people to invest in different industries and mining using Bitcoin.

The government also promises that no corporation or income tax will apply to these profits. Despite the uncertainty, Mr. Atwine believes that it would have the potential to be something great. It is because a lot of enthusiasts who invest in crypto are always looking for a place where they can do this legally. The CAR has huge deposits of gold, diamonds, and other minerals. It seems that Bitcoin is one of the easier ways to attract investors.