Central African Republic President Believes That Bitcoin Adoption Is The “Right Path” During Market Crash

Despite the cryptocurrency market’s gloomy slide, it has no shortage of enthusiastic backers, including the President of the Central African Republic (CAR), the world’s second country to accept Bitcoin as legal tender.

Indeed, in a tweet published on June 14, Central African Republic President Faustin-Archange Touadéra reiterated his country’s intention to adopt cryptocurrency as “choosing the right path during hard times.”

He claims that:

“Understanding Bitcoin is crucial to acknowledge its disruptive power to bring long term prosperity. Mathematics don’t account for human emotions. Future generations will look behind at these very moments to [celebrate] our strength & unity in choosing the right path during hard times.”

The ‘hard times’ he mentions specifically refer to the recent crypto price drop, which has hit all digital assets and resulted in a collective loss of $370 billion in total market capitalization in a single week.

The CAR officially embraced Bitcoin as legal tender in late April 2022, immediately after approving a measure regulating cryptocurrencies. This made it the world’s second nation to do so, following El Salvador.

In particular, the Central American country will be the first in the world to enable consumers to use the flagship digital asset in all transactions, alongside the US dollar, which has served as the country’s official currency for more than two decades, in September 2021.

In response, US Congresswoman Norma J. Torres, along with Congressman Rick Crawford, introduced the Accountability for Cryptocurrency in El Salvador (ACES) Act in April to minimize the risks to the US from El Salvador’s adoption of Bitcoin as legal tender, calling the country’s move a “careless gamble.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Patrick

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