Several people claimed they ignore what cryptocurrencies are and have no Internet access. The Central African president expressed his optimism about the adoption of Bitcoin as legal tender.
The approval of the law to make Bitcoin (BTC) legal tender in the Central African Republic occurred a few days ago. Inhabitants of that nation are beginning to give their testimonies about the pioneering cryptocurrency.
In that country, less than 8% of the people have access to the Internet, and only 14% have electricity at home. For those reasons, the use of cryptocurrency might not become massive, at least in the short-medium term.
Dina, a greengrocer who possibly represents most Central African inhabitants, claimed she did not know anything about Bitcoin. She also told the news television network France that she did not have access to the Internet.
Jordy, a young Central African introducing himself as a student, also showed his ignorance about Bitcoin. He said that he did not have any idea about the crypto asset.
The 10th article of the law drafted by President Faustin-Archange Touadéra establishes that all providers of goods and services must accept Bitcoin as payment.
To the relief of Dina and many other merchants without Internet access, the Central African Bitcoin Law provides for exceptions. Article 21 excludes those having no access to technologies that allow transactions in cryptocurrencies from the obligation to accept Bitcoin.
Bitcoin Allows for Financial Inclusion and Opens Up New Opportunities
Those Central Africans who understand the matter more clearly are usually optimistic about adopting Bitcoin as a currency. Mahamat Selim, an economics student, believes that the crypto asset has considerable potential for the region.
He explained that there is no financial inclusion in the traditional banking system. That situation excludes many people that need to access a bank to request a loan and make other transactions, which is neither easy nor cheap.
The Minister of State, Obed Namsio, also expressed himself in favor of the adoption of Bitcoin as the official currency. The politician said this represents a decisive step toward opening up new opportunities for his country. In addition, he highlighted the unanimous approval of the law.
President Touadéra is also optimistic about adopting Bitcoin as legal tender. That 65-year-old mathematician considers that Bitcoin will allow the Central African Republic to change from being invisible to becoming recognized and appreciated.
The Adoption of Bitcoin Still has a Long Way to Go
Central African inhabitants still have a long way to go on their recently-started Bitcoin journey. The adoption includes promises of ATMs and a trust fund to ensure the conversion to fiat money, as happened in El Salvador in 2021. The general lack of knowledge of Bitcoin is also present in the two countries.
However, the differences become evident as El Salvador already had small but active Bitcoin communities when the president announced the law. In addition, the economic and social situation in the Central American nation is much better than in the Central African Republic.
No group of Bitcoin evangelists has yet expressed their willingness to educate Central Africans about the cryptocurrency. However, that did happen in the case of El Salvador.
For all the above reasons, the Bitcoin path in the African country will be long and hard. It is a matter of time before seeing how this story unfolds to see whether the hopes of Touadéra, Namsio and Selim come true.
By Alexander Salazar
