Binance’s CZ Visits The Central African Republic, Meets President Touadéra
President Faustin-Archange Touadéra received Changpeng Zhao to discuss bitcoin and crypto. The meeting of the minds happened on Friday and there’s not much public information about what actually happened. The Binance CEO has been meeting African presidents recently, so it only makes sense that he visited the first nation to make bitcoin legal tender in the continent.
1/ Impressive meeting today and an incredibly important step for the future of the Central African Republic 🇨🇫.— Faustin-Archange Touadéra (@FA_Touadera) August 5, 2022
Thank you @cz_binance for opening up and sharing some brilliant ideas based on the @binance experience. A truly remarkable moment!#CAR pic.twitter.com/gyU5fu2Bbt
It’s important to remember that the currency that the BEAC supposedly controls is the CFA franc. A currency issued in France. Alex Gladstein qualifies the situation as the “colonial franc system” or “the French colonial currency system.” And insinuates that the point of the bitcoin law is precisely to bypass it. What does he think about the lack of bitcoin in the Sango project, though?
In another letter sent around the same time, the World Bank distanced itself from the Sango project. President Touadéra and his team apparently announced a $35M investment in the controversial project. According to Bloomberg, the World Bank’s response was:
“The World Bank is not supporting “Sango – The First Crypto Initiative Project”,” the lender said. The digital governance loan “is unrelated to any crypto-currency initiative.”
Related Reading: Let’s Analyze The Actual Text From The Central African Republic’s Bitcoin Law
The World Bank also warned, “It is important that the relevant regional institutions, such as the central bank and the banking authorities, are fully consulted and remain in the driver’s seat.” Why is the organization so interested in the Central African Republic all of a sudden? Consider that five African countries appear in Chainlysis’ Global Crypto Adoption Index’s Top 10.
Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone.— CZ 🔶 Binance (@cz_binance) July 6, 2022
Commenting on that precise subject, CZ recently tweeted, “Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone.” That’s true, but, are they committed enough to resist the pressure from international banks? And, will the other African countries have the wit to focus on bitcoin? Or will they unveil projects as underwhelming as Sango?