Central African Republic: Cryptocurrencies Recognized as Official Payment Method

Uptota’s experts confidently reached the Central African Republic (CAR) after intensive discussions in Cameroon. Welcomed warmly by the state representatives at the airport tarmac on February 13, 2024. They embarked on two intense days to engage in groundbreaking discussions with high-ranking government officials and set common goals.

The Central African Republic has taken a remarkable step by becoming the first African country and the second worldwide after El Salvador to recognize cryptocurrencies as legal tender. This bold decision underscores the country’s commitment to digital innovations and economic growth.

Introduction of Bitcoin and SANGOCOIN

What sets CAR apart is not only the legalization of Bitcoin but also the introduction of its own digital currency. Alongside the CFA Franc, the homegrown SANGOCOIN was introduced, thanks to unanimous legislation passed in March 2023. Economic actors can now accept and use cryptocurrencies as a means of payment.

This progressive stance by the government demonstrates its dedication to digital innovations, making CAR a perfect fit for Uptota’s ambitious plans.

Strategy at the Forefront

 

Discussions among key stakeholders focused on Uptota’s role in implementing the government’s digital currency strategy. Specifically, talks centered around establishing a crypto exchange and introducing a national digital currency system. This positions the Central African Republic as a trailblazer for digital innovation and economic transformation on the African continent.

This unique opportunity provided insights into the government’s priorities and goals, allowing Uptota to strategically contribute its expertise in digital currencies. The communication was characterized by mutual respect and a clear understanding of the potentials and challenges of introducing specific digital currencies.

 
Uptota committed to collaborating closely with the government to realize the vision of a thriving digital economy in the Central African Republic.

Government-Level Partnerships

The Minister for Small and Medium Enterprises expressed strong interest in supporting Uptota’s initiatives. He proposed that Uptota submit detailed technical documentation to transparently outline its plans, including a comprehensive whitepaper, which has already been professionally prepared.
Moreover, the ministry will serve as the primary point of contact, facilitating cooperation with other government agencies. As an added benefit, the ministry pledged to support Uptota in registration and licensing processes and plans to conduct targeted workshops to promote under-standing of blockchain technology and cryptocurrencies among the population.

 

Among the key figures in the two-day discussions were:

 

  • The Coordinator of the RSS Project at the President of the Central African Republic
  • The Minister for Small and Medium Enterprises, responsible for promoting the private sector
  • The Director-General of the Ministry of Small and Medium Enterprises, also responsible for promoting the private sector
  • The Director-General for Digital Economy

 

Infrastructure Strengthening

The Director-General for Digital Economy provided detailed insights into the actual status of fiber optic infrastructure implementation at the country. This significant measure aims to provide an improved internet connection, which will significantly support the implementation of Uptota’s crypto exchange.

 

Additionally, the Director-General explicitly expressed full support for Uptota’s initiatives, emphasizing the importance of collaboration with small and medium-sized enterprises and local communities. He assured that all necessary steps would be taken to facilitate collaboration.

 

Another senior government official informed the Uptota team about the Central African Republic’s intensive collaboration with the BRICS nations.

 

Short but important – What is BRICS?

 

BRICS is a significant economic bloc that influences global economics and international financial and trade matters.

 

This alliance, comprising Brazil, Russia, India, China, and South Africa, offers potential financial support for national projects. In the future, the Central African Republic could even become an official BRICS member. These efforts impact not only the country itself but also have far-reaching implications for the entire continent.

Uptota will thus strengthen its partnerships with governments to jointly realize the ambitious vision of an integrated capital market and a comprehensive digital platform for Africa.

 

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