The Central African Republic stops using Bitcoin as legal tender

[riberet19]

Yesterday Bitcoin ceased to be legal tender in the Central African Republic where the national assembly approved new amendments to the bitcoin law that had been in force since April 2022 following the same law model as El Salvador, it is speculated that it has been due to the pressures of certain entities such as the Bank of Central African States or BEAC, The Central African Banking Commission (COBAC), together with the Central African Monetary and Economic Community (UMAC)

What do you think about that?

 

[Blessed19]

Yesterday Bitcoin ceased to be legal tender in the Central African Republic where the national assembly approved new amendments to the bitcoin law that had been in force since April 2022 following the same law model as El Salvador, it is speculated that it has been due to the pressures of certain entities such as the Bank of Central African States or BEAC, The Central African Banking Commission (COBAC), together with the Central African Monetary and Economic Community (UMAC)

What do you think about that?

This is one of the proofs that the banking system are trying all their possible best to fight Bitcoin and crypto currency which is making a lot of citizens become their own financial bosses.

 

[riberet19]

Yes, banks are probably behind all this as the reports say, banks know the role bitcoin has and how it can rob them of power over people and their money.

 

[Magnus2022]

Financial institutions are fighting a lose battle. Cryptocurrency have come to stay. Central Africa Republic is not economic independent country therefore they will fall like packs of card when pressurised by financial institutions that use to loan them funds. No matter what, cryptocurrency is here.

 

[riberet19]

Financial institutions are fighting a lose battle. Cryptocurrency have come to stay. Central Africa Republic is not economic independent country therefore they will fall like packs of card when pressurised by financial institutions that use to loan them funds. No matter what, cryptocurrency is here.

Hopefully so the other day the Russian bitcoin legislator said that Bitcoin had no future and stop their legislation, now this with Central African Republic and Biden and his henchmen are also pouring garbage on cryptocurrencies and are depleting them.

 

[nomad]

Using crypto as a legal tender comes with a heavy price especially considering the volatility of cryptos. I think this will be too risky for the economy of the country.

 

[riberet19]

Using crypto as a legal tender comes with a heavy price especially considering the volatility of cryptos. I think this will be too risky for the economy of the country.

You are right and that is true, but I think this is not the case at least not for this country since they have not mentioned any of this in the statement they made, it was a decision because of the disagreement of the banks related to the country with the bitcoin law.

 

[cherry123]

I don't know why but banks are always behind all these ban as reported even in my country it is the same thing , banks know how it can rob them of their power

 

[Reedex]

It seems the country has made a repentant on using bitcoin as a legal tender because I was wondering if it's going to be viable.

 

[relcap23]

What could its impact be on BTC in the cryptocurrency system. Wonder if they have also stopped other crypto from being a legal tender.

 

[Suba]

In my opinion, it is not easy for a country to implement Bitcoin as a legal tender without sufficient preparation, because it will have a big impact on the economy and politics. So the Central African Republic froze Bitcoin temporarily as legal tender

 

[riberet19]

I really believe that bitcoin in the end is not ready to become legal tender since it is too volatile and can do serious damage to the economy of a country, a currency that falls 77% from maximums cannot be legal tender , it must be more stable for it.

 

[flower]

I have also predicted that his country would possibly make a U-turn on their decision.

 

[fcbetting]

I think it is good call. We can't read nowhere how Salvador solve problem of losing Bitcoin value. How did it affect on people and their standard? Did prices stayed same or stores increase prices?

 

[Bisolami]

This is one of the proofs that the banking system are trying all their possible best to fight Bitcoin and crypto currency which is making a lot of citizens become their own financial bosses.

They actually do not want Bitcoin to take over but I think that is not possible anymore

 

[cherry123]

I saw this coming for some of these countries it seems the country has made a turn around on using bitcoin as a legal tender because it might not be helping them

 

[Bisolami]

I saw this coming for some of these countries it seems the country has made a turn around on using bitcoin as a legal tender because it might not be helping them

I wonder why a lot of countries are against the usage of cryptocurrency

 

[Yohanna]

They must have learnt a lot of lessons from El Salvador bitcoin adoption.

 

[IB D]

I know that the banking sector is threatened with the services offered by cryptocurrency. That's why they are fighting tooth and nail to make sure crypto doesn't see the light of the day.

 

[Yohanna]

It is true that this country has stopped using bitcoin as a legal tender.