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C.Africa's leap into bitcoin leaves its people bemused

May 08, 2022 / 9:41 AM
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Sharjah24 – AFP: In the Central African Republic (CAR), nine out of 10 people do not have internet, and only one in seven has electricity -- that is, when there are no power cuts.
Yet the CAR has just followed El Salvador in adopting bitcoin as legal tender, a currency that requires access to the net to be bought, sold or used.

Foreign experts and CAR citizens themselves are struggling to understand why the world's second least developed economy has announced this leap into monetary hyperspace.

Among people queueing at one of the rare automatic teller machines (ATMs) in the capital Bangui, the word "bitcoin" stirred befuddlement.

"What is it?" asked Sylvain, a man in his 30s, waiting for his turn at the cash machine, which was operating thanks to a generator.

"I don't know what cryptocurrencies are -- I don't even have internet," said Joelle, a vegetable hawker nearby.

On April 28, President Faustin Archange Touadera announced that lawmakers had unanimously approved a bill that legalised the use of bitcoin alongside the CFA franc.

All transactions using the cryptocurrency, including payment of taxes, are being authorised.

Government spokesman Serge Ghislain Djorie told AFP: "We are going to launch an awareness campaign and shortly introduce fibre optic cable -- a low internet connection is enough to buy cryptocurrency."

But even among CAR's business community, which in theory is best placed to use bitcoin and other cryptocurrencies regulated by the new law, scepticism runs deep.

"I'm not interested in having bitcoin here -- we have no infrastructure and no knowledge for getting involved in this adventure and there's no cybercrime unit to ensure security," said an entrepreneur, who spoke on the condition of anonymity.

"There are other priorities, like security, energy, access to water, the internet, building roads..."
 
May 08, 2022 / 9:41 AM

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