The delegation taught local merchants to use the Lightning network to send and receive sats quickly. A group of African countries learned about the benefits of including Bitcoin in their plans to strengthen the economy.
The Central African Republic is the second country after El Salvador to adopt Bitcoin (BTC) as legal tender. Several French-speaking bitcoiners recently arrived in Bangui, the capital, to teach about the pioneering cryptocurrency.
The delegation included mining expert Sébastien Gouspillou and former president of the Foreign Affairs Commission of the French Economic, Social and Environmental Council Jean-Marie Cambacérès.
David Oren, a privacy activist, and Nicholas Burtey, Founder of the company creating the wallet used in El Zonte, El Salvador, were also there.
People received the delegation with great interest in learning and clarifying doubts about Bitcoin. During the week, they held several meetings with government officials and civil society representatives.
The delegation did a workshop for local merchants who downloaded Bitcoin wallets and received a bonus of USD 10 in BTC. In that way, they could enjoy the experience of sending and receiving satoshis (sats) instantly through the Lightning network.
Bitcoin May Become a Solution to the Crisis in Africa
The Central African authorities and the economist and researcher Dominique Yamb Ntimba are sure that Bitcoin can be a solution. They think it will help the population face the economic crisis it is suffering.
The Central African Republic is a landlocked country prone to coups by armed groups controlling territory outside the small capital. In addition, people get by on an average income of below USD 500 per year.
The government must modernize the educational system, build new roads and strengthen the economy to improve that situation. Bitcoin seems to be an essential part of those plans.
The French-speaking delegation also spoke about Bitcoin at the Central African Economic and Monetary Community (CEMAC) convention center. That international organization includes countries on the continent like the Central African Republic, Gabon, Cameroon, Chad, the Republic of the Congo, and Equatorial Guinea.
The Central African Republic Continues Its Plan to Adopt Bitcoin
The CEMAC aims to promote the harmonized development of its member states within the framework of a common market. They all account for a total population of about 37 million people.
Those countries also seek to strengthen the competitiveness of economic and financial activities by harmonizing the rules governing them.
Nicholas Burtey talked about the uniqueness of Bitcoin and its differences from other cryptocurrencies. He also described the benefits of adopting Bitcoin in El Salvador since the government declared the crypto asset as legal tender.
The Central African Republic has continued with its plans around Bitcoin despite warnings by the International Monetary Fund (IMF). That organization states that the pioneering cryptocurrency poses significant legal, transparency, and economic policy challenges.
However, President Faustin-Archange Touadéra said Bitcoin would improve conditions for citizens and includes his country as one of the most daring and visionary; that has provoked strong criticism as the adoption could allegedly sour relations with international institutions, and contribute to money laundering and tax evasion.
Bitcoin is trading at around USD 30,227 and has accumulated a 4.4% gain over the last 24 hours. While its daily trading volume is above USD 16.81 billion, its market capitalization is about USD 576.19 billion, according to CoinGecko.
By Alexander Salazar
