Cryptocurrency
Common Digital Currency Is in the Works by Central African States
Love to see how this can get implemented practically and safely https://t.co/8sdd7utJm8
— Charles Hoskinson (@IOHK_Charles) July 25, 2022
Love to see how this can get implemented practically and safely https://t.co/8sdd7utJm8
— Charles Hoskinson (@IOHK_Charles) July 25, 2022
The Central African Republic, or CAR, has not recognized a central bank digital currency despite accepting Bitcoin (BTC) as legal cash in the nation through a law issued in April.
In October 2021, the central bank of Nigeria became one of the first in the area to introduce a CBDC named the eNaira. The Project Khokha program of the Reserve Bank of South Africa is still looking at the possible uses of a CBDC.
The CAR’s decision to accept BTC as a legal tender was challenged by the Bank of Central African States as being “problematic” and having the potential to have a “significant negative impact” on the Central African monetary union.
Countries in Sub-Saharan Africa may have a difficult time bringing cryptocurrencies and CBDCs to places with insufficient energy for both mining and transfers.
The CAR and the Republic of Chad have the lowest percentages of the population having access to electricity, at just 12% and 12%, respectively, according to World Bank data from 2020.
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