President Faustin-Archange Touadera believes cryptocurrency is the ultimate solution
Crypto-loving President Faustin-Archange Touadera of the Central African Republic (CAR) has doubled down on his advocacy for the digital currency, claiming that it is the ultimate solution to financial inclusion in his country.
The President stated this over the weekend, while speaking during a launch event for the Sango, the CAR's very own crypto project.
Reuters quoted President Faustin-Archange to have stated that the "the alternative to cash is cryptocurrency. For us, the formal economy is no longer an option... Sango Coin will be the currency of the new generation of the Central African Republic."
Recall that in April this year, the Central African Republic had become the first African country to adopt Bitcoin as its legal currency.
The move came as a huge surprise to many people across the continent. It has also faced major criticisms, condemnation and cautionary advice. Among those who vocally opposed the move are a group of CAR's former Prime Ministers.
In a letter they co-authored, the former PMs described the decision to adopt Bitcoin without consulting with the Bank of Central African States (BEAC) as a "serious offense".
