Proponents of bitcoin and supporters of an alternative financial system are adamant the Central Africa Republic’s decision proves digital currencies have a role to play. bitcoin digitalcurrency
For critics still trying to understand why another nation has joined El Salvador in making bitcoin legal tender, the CAR’s move is perplexing. To begin with, they cannot understand how a country with such a low internet penetration rate — less than 12% — has chosen the top cryptocurrency as its transacting currency.
As a result of this and many other factors, the Central Africa Republic, according to the ICT profile, has had to rely on expensive satellite connections for most of its international internet bandwidth and this translates to high internet prices. Expensive internet is one of the many barriers that impede adoption efforts.
Despite the strong opposition from institutions like the International Monetary Fund , some believe more countries will still make bitcoin legal tender. In fact, reports that some 44 countries were represented at El Salvador’s recent bitcoin exhibition suggest more countries might follow in the footsteps of these two countries.
The CAR must therefore ensure it has funds reserved for efforts that are aimed at boosting the population’s understanding of bitcoin and how to buy bitcoin for the first time. Indeed, education is still key to eradicating ignorance, not just in the Central Africa Republic but across much of the developing world.A majority of the CAR’s more than 5 million inhabitants must become acquainted with the basics such as a bitcoin wallet, recovery phrases or a wallet’s public address.
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