Bitcoin adoption is the ‘right path’ during hard times, says Central African Republic President

Bitcoin adoption is the ‘right path’ during hard times, says Central African Republic President

June 15, 2022 Off By Roland G

Despite the crypto market’s gloomy slide, it has no shortage of enthusiastic backers, including the President of the Central African Republic (CAR), the world’s second country to accept Bitcoin as legal tender.

On June 14, President Faustin-Archange Touadéra tweeted, reiterating his country’s intention to adopt cryptocurrency as “choosing the right course in difficult circumstances.”

He claims,

“Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long term prosperity. Mathematics don’t account for human emotions. Future generations will look behind at these very moments to [celebrate] our strength & unity in choosing the right path during hard times.”

The ‘hard times’ he mentions specifically refer to the recent crypto market decline, which has hit all digital assets and resulted in a collective loss of $370 billion in total market capitalization in a single week.

The CAR officially embraced Bitcoin as legal cash in late April 2022, immediately after approving a measure regulating cryptocurrencies. This made it the world’s second nation to do so, behind El Salvador.

In particular, the Central American country will be the first in the world to enable consumers to use the flagship digital asset in all transactions, alongside the US dollar, which has served as the country’s official currency for more than two decades, in September 2021.