Financial specialists in Africa are sceptical about the legitimacy of CAR’s Bitcoin adoption pact
Several African financial experts have expressed concerns about the Central African Republic’s decision to accept Bitcoin as legal money.
According to Africanews, there are concerns that the only state to accept Bitcoin, along with El Salvador, is aiming to promote fraudulent transactions at a time when the dictatorship is under pressure from the United Nations.
On April 28, President Faustin Archange Touadéra announced that the Central African Parliament has passed legislation “regulating all transactions” in cryptocurrencies and designated Bitcoin as a “reference currency” alongside the CFA franc.
An ATM at the city’s few remaining locations is bewildered by the recent legalisation of Bitcoin. “What’s the deal?” Waiting in line is Sylvain, a thirty-year-old guy. Joelle giggles as she stands in front of her humble vegetable shop, “I don’t even have internet; I don’t know what bitcoins are.”
An official from the French government stated, “We will educate the populace and soon migrate to fibre optics. A poor internet connection is adequate to purchase cryptocurrencies.”
Bitcoin is viewed with suspicion by business leaders
Legislation is causing concern even among the few business people who have the means, experience, and technology to take advantage of it.
Entrepreneurs in Bangui, the capital of the Central African Republic, say they have no interest in Bitcoins because they lack infrastructure, expertise, and a cybercrime unit to assure security. “There are other concerns such as security,” they add.