pull down to refresh
22 sats \ 1 reply \ @KenyaCoin OP 21 Sep 2022
The part of the podcast about Sango Coin describes it fairly ... "marketed to foreigners", offered perks that currently are unconstitutional, and the token sales have been absolutely dismal.
The last five minutes (starting at ~0:13:55) is focused on bitcoin, and was about the only interesting part.
They covered the usual arguments aginst bitcoin in CAR (World Bank and IMF say 'bitcoin is harmful to stability', there's too little access to electricity, too few roads, etc.).
They did say that there's only 14% of the population (age 15+) that have a bank account. You'ld think they would connect the dots that bitcoin can work well for the unbanked -- especially for remittances, freelancers working remotely, cross-border trade, etc. But then again, this is Bloomberg, who has an anti-bitcoin narrative to push.
Nothing was said about how the value of the CFA (Central African CFA Franc) has been losing value against the dollar (because its value is tied to the Euro). They did say how 50% of CARs reserves must be held with the French central bank, and thus the state holding bitcoin introduces complications with that.
Anyway, in my opinion the Bitcoin as legal tender law will be successful simply by doing nothing more than saying hey... if you want to buy bitcoin for savings, use bitcoin in commerce, whatever.
reply
25 sats \ 0 replies \ @siggy47 21 Sep 2022
This podcast obviously comes from a fiat perspective. As you point out, there was no skepticism as to real motives of the IMF. I was more annoyed by the assumption that remaining within the CFA franc system could be viewed as a good thing, considering the history
reply
25 sats \ 2 replies \ @TheBTCManual 21 Sep 2022
Sounds like a page out of the green agenda of trying to securitize resources and equity in the capital of people, and I am not with that at all
reply
5 sats \ 1 reply \ @KenyaCoin OP 21 Sep 2022
Are you referring to the Sango Coin token being marketed as having value because CAR has diamonds, gold, etc?
If so, well it doesn't actually legally commit to anything. Like a typical shitcoin. The token is not a security, nad not a revenue bond. It's not really anything but a ploy to sell a token that costs ~$0 to create for an amount greater than $0.
reply
25 sats \ 0 replies \ @TheBTCManual 21 Sep 2022
Lol that's even worse than the green gift we see now with these blue bonds, gosh how insufferable, I had high hopes for this but oh well, power to the people not to to the larpers in charge
reply