We receive a large number of reports on the subject of cryptocurrency literally every day, which are very important for this industry, even though this may not seem so at the moment in terms of crypto market growth. Yesterday, however, we found out that the Central African Republic had adopted Bitcoin as legal tender, which definitely helped the price of Bitcoin, and we could see little growth. After El Salvador, it is only the second country in the world to take a similar step, and although many enjoy this report, there are growing concerns.
Of course, as with any news, we have received great criticism, as the Central African Republic is one of the poorest countries in the world and, although rich in diamonds, gold, and uranium, is a relatively high risk in the eyes of many. The country is a close Russian ally, with mercenaries from the Wagner group helping to fight the insurgent forces in the country. There are speculations that it is with this country that the Russians would like to avoid the sanctions imposed on Russia by the West over the invasion of Ukraine.
Other warning signals are that only 4% of the country’s population has access to an Internet connection, making the legalization of Bitcoin basically useless, which only indicates a higher probability of Russia’s above-mentioned efforts to circumvent sanctions. Some experts see this as a step towards undermining the domestic currency supported by France, thereby alienating French influence. However, despite these factors, this move puts the Central African Republic according to many “on the map of the world’s bravest and most visionary countries” and we will have to wait to see if this is ultimately good or bad news for the crypto industry.