CFA Franc And Bitcoin In Africa
Our monetary system is a fraud, perhaps a better definition for it might be evil, tyranny, or whatever anyone sees fitting to describe money as it affects us individually and geographically.
Couple the monetary system with extortion from Africa and you would wonder if Africa will ever be free from slavery.
The Central Africa Republic (CAR) followed in the footsteps of El Salvador to legalize Bitcoin in 2022, shortly after the country created its Sango coin.
Why Sango Coin?
El Salvador's legalization of Bitcoin is seen as a win for Bitcoin and cryptocurrency, the more nations embrace Bitcoin as a measure towards adoption, therefore CAR's Bitcoin legalization is viewed with a similar perspective.
You'd expect CAR to create a CBDC, but there is no mention of Sango being a CBDC. The Sango coin initiative could cause the country to lose Bitcoin supporters this is something I expect the country to be aware of.
Mathematics is the #language of the Universe.
#Bitcoin is universal money.
Source
The above tweet from CAR's president shows he knows a thing or two about Bitcoin and being a mathematician puts him at a better understanding level of Bitcoin.
Below, Mamadou Moustapha Ly, the overseer of the development of the Sango coin gives us the reason behind the coin.
The law states that the digital currency that is legal tender is Bitcoin. We recognize this as our official currency. [...] Sango coin is a project for the Central African Republic state.
Source
Despite the intention behind the Sano coin, it remains unclear the direction and developments to follow up. There are questions about Sango that might deter investors, over time we shall see how things pan out in the country. Though I wouldn't shun the Sango concept provided the design and plan around it is of benefit to the nation and investors.
CFA Franc
I spent CFA Franc a few times in my teenage and early twenties when I visited the Benin Republic, for me, it was just a national currency until recently I found out CFA Franc is a currency for the French West African and Central African region. Therefore 14 nations use CFA in Africa.
A common currency in Africa will be nice to facilitate easier transactions within the continent like the Euro.
The CFA appears to be a currency imposed on these nations and they have been subjected to using it. This could be the reasoning behind CAR legalizing Bitcoin as the nation is known to be repressed by its colonial master France.
Reports continue to indicate that civil servants and government salaries are paid by its former colonizer, France, while the country is labeled a “repressed” economy according to the Heritage Foundation’s 2022 Index of Economic Freedom.
Source
It is depressing knowing countries in Africa are under such abuse, how does one explain the salaries of civil servants are being paid by a colonial master?
Could this be another reason behind the Sango coin? CAR is rich in natural resources, gold, diamond, uranium, etc yet it is one of the poorest nations in the African continent.
The country has made a good move to legalize Bitcoin but it is just a move that should be followed up by several other moves to break itself free of the financial control of the West.
We have to understand there's more to cryptocurrency adoption than legalizing Bitcoin, how do people accumulate Bitcoin comes to mind? This is where coins like Hive come in as anyone can accumulate by simply engaging on Hive.
Over time one can exchange Hive for Bitcoin. This is where we can start to experience the power of cryptocurrency and free ourselves from the slavery we have been subjected to.
There is a lot of work to be done in CAR, get more people onto the internet by making internet connections easily accessible for the ordinary person, that way people will get exposed to cryptocurrency and explore.
Bitcoin has shown us the light, it is now left for us to utilize it to better our monetary system which has been far from serving us well.
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Bitcoin has the liquidity and exchanges so it is helpful as a bridge.
But as a currency it will fail. The fact it lack elasticity and is limited means it will always have volatility along with the fact that other assets are going to be more tradeable.
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Over the years we have seen Bitcoin taking the form of a store of value than a currency for day-to-day transactions.
Possibly that is why CAR has created Sango coin, though it remains to be seen how successful it is going to be.
!PIZZA
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As for CAR, I think the system understands that it needs crypt, there are so many systems in African countries that would ban crypto outrightly even when their citizens are wallowing in poverty, Nigeria for example. However I think CAR needs to get it right by doing their research
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Eyes are on CAR following it's Bitcoin legalization and the Sango coin. There's a lot more to making cryptocurrency a success than just making it a legal tender. El Salvador seems to be in a better position even though it has it's limitations.
I hope things works out for CAR they need to get out of the financial repression they are in.
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The Tweet from CAR's president is spot on! Bitcoin is universal and it provides a way to gain freedom from all sorts of financial tyranny and abuse. I think it's a long process but we will eventually get there.
He is truly spot on from that tweet, I strongly hope they are able to make Bitcoin and cryptocurrency in general work for them in that country. They need crypto a lot more.
!PIZZA
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BTC is good but I just don't think it will work out well as the alternative to fiat. A deflationary token does not stimulate economic activity and the network itself is kind of expensive.
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Bitcoin as a store of value, yes. What I see is we will have other cryptocurrencies to use for transactions, anyone will use the most convenient and appealing ones.
!PIZZA
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Great post bro, clearly France is taking full advantage of Africa through the CFA. It is quite ironic for Africa to be poor yet we have lots of resources. CAR has taken the right direction by choosing to legalize bitcoin, hopefully other countries will follow suit. The only problem we face is that presidents of some of these countries are puppets of the west at the expense of their own countries. Education and awareness of bitcoin and crypto are crucial to bring on freedom and stop exploitation of the continent by a few.
Thank you for sharing and do enjoy the weekend :}
It is sad bro, that France is taking advantage of these countries, and like you mention most of our leaders are sellouts at the expense of their people. Africa needs Bitcoin and cryptocurrency, in general, to stand up for itself. We are too rich on the continent to be the poorest in the world.
A wonderful weekend to you and Bob.
!PIZZA
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Long term thinking small crypto should be backed by bitcoin, much like China and Russia are doing backing fiat to gold, stability is required, too many small tokens pop up without a clue on how they will go to market.
Africa can never divorce their colonial past as much as Europe or America, the world has integrated over generations of moving around, we are one people, the human race needs to get over themselves to build better.
This does not imply stealing raw minerals/materials from each other, if Africa wish to stand up and be counted, get back to using what we have in our natural resources of coal, gold, uranium stop selling it off to other continents who enrich themselves, Africa enslave themselves not using forward planning. We have the brains and man power, use it!
!BEER
I'd like to know how the Sango coin pans out, I hope they have solid plans around it and not just another coin creation because anyone can create tokens.
It is saddening to see the repression African countries are going through, even worse with some. Will there ever be a trade or interest between the West and East that is of mutual benefit? I don't think so as long as our leaders continue to make poor decisions on behalf of their people.
Well said in the last paragraph of your comment, I couldn't agree more. Africans are the cause of their problems.
You inspired me to write this article via the shared link, many thanks. 😃
!PIZZA
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There are days I get annoyed seeing how the East/West play tug-o-war with this continent. It stems right from the beginning when settlers landed by sea and Bantu arrived from the North, acknowledgement of losses incurred is never given to San people, original inhabitants.
Since 2015 when alerted to crypto I was interested thinking how wonderful it would be to enable people to move earnings to families across the continent. Alas greed has swallowed up most tokens that made an appearance, lack of education another massive blow. Youth need high standard of reading, writing and arithmetic skills to enable a future, not the washed down education they receive of late.
!PIZZA
On the other hand that is why the year long bear market benefits the crypto space as it washes out those projects with no sustainability but greed.
Cryptocurrency is a gift to us, we however have to utilize it to better our way of living. It up to us and few have the interest of a successful crypto space at heart.
Talk about schooling, it looks like a place learners go and while a way time with little being impacted onto them. If am not mistaken, last time I was told 45% is pass mark here, back then that for get it, you failed with 45% mark.
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Markets able to hold through trying times a good indication, not always a definite, only precious metals have stood the test of time.
Anything masses are not ready for will not work. No one can expect an aged gogo to work finances for the home (after all they normally the only support system in family units) when she only knows hard fiat cash in hand or how to barter/trade, never even used an ATM in her lifetime.
Our education standards dropped substantially to suit mixed schooling in 1990s, later lowered pass rate to 30% enabling more to get through the system..., hopefully before age of 21!
🤣🤣🤣 lol let us get the gogo up to speed we need their input 🤣
A "let my people go" at play here, not a bad thing I suppose 😄
Lol, thanks for the Sunday laughter
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At least we can still be free to have a laugh at ourselves!
Black out afternoon, hot as hell, no rest for the wicked.....
How the arrangements going for your move? 😇 I hope that is on track....
Hahaha true hey lol
The next blackout for the day is scheduled for 14:00, we had 4 hours of load shedding already from 6-10. And another one for later tonight from 10 pm. Crazy how they are so efficient with these blackouts.
Thanks for checking, the arrangements are going on well, will share posts about it soon, a lot to pour out lol. Thanks to Hive I wouldn't be embarking on this move without Hive.
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