Central African Republic Announces Bitcoin Hub Event Scheduled for July 3
- With the Bitcoin Hub event, the Central African Republic intends to make a wide range of consultations on the regulation of cryptocurrency, and determine the needed facilities to venture into the cryptocurrency sphere properly.
After announcing the adoption of Bitcoin as a legal tender, the President of the Central African Republic, Faustin-Archange Touadéra has revealed plans to hold the first Bitcoin conference in Africa. The event tagged “Bitcoin Hub” will hold on July 3, 2022, to draft a blueprint for the country’s Bitcoin and Metaverse project.
President Touadéra made this revelation via tweet with emphasis on building the country’s blockchain ecosystem.
Additionally, he revealed that the CAR government will initiate “Sango”, a project that will fly during the conference.
The central African Republic and the Bitcoin Hub Event
The Central African Republic President Touadéra, has invited the global crypto community to the Bitcoin Hub.
With the Bitcoin Hub event, the Central African Republic intends to make a wide range of consultations on the regulation of cryptocurrency, and determine the needed facilities to venture into the cryptocurrency sphere properly.
Worth noting, the President also intends to build a legal cryptocurrency hub to attract investors into the country. The plan also includes creating a “Crypto Island” on the metaverse.
Above all, the Central African Republic government hopes to have a full regulatory enactment for cryptocurrency before the end of the year. So far, CAR has been a trailblazer in Africa regarding the advancement of cryptocurrency in the country.
On April 27, CAR announced the adoption of Bitcoin as a legal tender alongside its local currency CFA franc. The country became second after El Salvador in the adoption of Bitcoin.
However, the Bank of Central Africa States (BEAC), which controls Central African CFA Franc mainly used by countries in the region, vehemently opposed the decision. While reacting to the development, BEAC via a press statement declared that the adoption is unacceptable because it violates the laws guiding the finances of countries in the region.
Additionally, BEAC opined that the adoption will place Bitcoin as a rival currency against the franc CFA. The group also stated that the adoption will rule out the Central Africa Central Bank from performing its role as a watchdog in the country.
The International Monetary Fund (IMF) also criticized the decision on the basis that it lacked adequate acknowledgment of relevant authorities. The IMF submitted that the CAR government didn’t consult the regional economic body, the Central African Economic and Monetary Community (CEMAC).
Despite the fierce opposition from the aforementioned bodies, President Touadéra doesn’t feel intimidated by these criticisms. Instead, he has forged ahead to pursue the advancement and popularity of Bitcoin in CAR.
The President disclosed that the move to embrace Bitcoin is a driving innovation to build a world-class economy driven by technological innovations. Touadéra strongly believes that the move will take the country’s finances to another level with Bitcoin as the driving force.
Members of the CAR government alongside the President are optimistic about the positive implications of the adoption. According to Reuters, Obed Namsio, chief of staff of President Faustin-Archange Touadera, divulged that the adoption will make lives better for citizens of the country. He described it as a cogent step towards creating new opportunities for the country.