The Central African Republic is reportedly launching a cryptocurrency, Bitcoiners Slam Move – Bitcoin News
Central African Republic (CAR) President Faustin-Archange Touadera recently announced that cryptocurrencies are an alternative to cash. However, Bitcoiners insist that the best cryptocurrency is the only solution to CAR’s money problems.
Formal economics is not an option
The President of the Central African Republic, Faustin-Archange Touadera, has said that cryptocurrencies are an alternative to fiat cash. Touadera also claimed that “the formal economy is no longer an option” for CAR.
According to a Zawya report, Touadera’s latest pro-crypto remarks were made just as his country launched the Sango coin, a crypto asset that officials claim will be used to access CAR’s natural resources.
“Sango Coin will be the currency of the new generation of the Central African Republic,” President Touadera was quoted as saying.
Meanwhile, in one of his tweets before launching the so-called Sango Crypto Hub initiative, Touadera insisted that digital gold (bitcoin) will serve as an “engine for our civilization” in the future in the same way that gold has done in the past.
Sango coin questioned
However, CAR’s goal of issuing a cryptocurrency backed by BTC has not been well received by many bitcoiners. On Twitter, some bitcoiners question the motives behind CAR’s decision to launch its cryptocurrency, as in their view bitcoin is already the solution the country needs.
For example, a user, named David da Silva Rosa, said that the CAR president should not waste his time in office “promoting dubious projects”. Instead, he should focus on fixing the money.
Another user, E-Money, said: “You’ve screwed up now man. Why say you adopt bitcoin [and] so try to build your own sh * tcoin? It will fail like the rest. “Other users suggested that CAR abandon the idea of issuing its own asset.
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