A representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration
LONDON, July 3 (Reuters) - Cryptocurrencies are the solution to tackling financial exclusion in the Central African Republic, its President Faustin-Archange Touadera said on Sunday, citing the cost of opening bank accounts.
"The alternative to cash is cryptocurrency," Touadera said at a launch event for crypto initiative Sango hosted by the country, after it became the first African state to make bitcoin legal tender in April. "For us, the formal economy is no longer an option." read more
The move to adopt cryptocurrencies in a country where internet use is low and electricity unreliable has raised eyebrows among crypto experts, puzzled lawmakers and residents, and drawn words of caution from the International Monetary Fund.
The Sango project, including a "Sango Coin", was backed by the Central African Republic's National Assembly and spearheaded by Touadera, who said...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...