A transition towards cryptocurrencies by the Central African Republic and El Salvador is spurred by the urge to circumvent inflationary pressures and move away from colonial currency mechanisms. However, prerequisites such as internet and financial digital literacy make a case for inclusivity cumbersome
A transition towards cryptocurrencies by the Central African Republic and El Salvador is spurred by the urge to circumvent inflationary pressures and move away from colonial currency mechanisms. However, prerequisites such as internet and financial digital literacy make a case for inclusivity cumbersome
The story so far: On April 27, the Central African Republic (CAR) became the second country after El Salvador to adopt Bitcoin as legal tender. President Faustin-Archange Touadera said the measure would enable “strong and inclusive growth” and place the African country on the “map of the most courageous and visionary countries in the world”. Having a population of 5 million, CAR is among the poorest and most economically fragile countries on the globe. As per World Bank estimates provided in July 2021, 71% of its population was living below the international poverty…