0 sats \ 0 replies \ @Coinosphere 28 Apr 2022 \ on: President of Central African Republic tweets about Bitcoin bitcoin
Assuming President Touadera has good intentions and the power to push through such legislation in his country, there are many drawbacks in this country's adoption that El Salvador doesn't have:
  1. CAR has a smaller population than ES by 2 million people.
  2. Those people aren't as likely to have a smartphone.
  3. France basically acts as CAR's central bank because it uses the CFA as legal tender. France's central bank isn't going to sit this fight out like El Salvador's is.
  4. At least so far, Touadera hasn't made a 'bitcoin law' with proper planning to implement a new legal tender. ES even made a 20 million dollar convertibility fund to assist with that.
  5. CAR would need some kind of wallet in French approved by the government, their version of the Chivo.
  6. CAR is never going to get many tourists like ES does. It's just not a beautiful vacation destination, plain & simple.
  7. Technically it doesn't even sound like this is official legal tender, (money that must be accepted by everyone) just legal for use as a currency. LOTS of nations allow bitcoin to be used legally already.
I wish them the best of luck, but that's going to be a major uphill battle. Let's see if Touadera can at least come through with some real legislation like ES did.
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