Just a year after making bitcoin legal tender, the Central African Republic (CAR) abandoned its plans to revitalize its country. Why?
This is an opinion editorial by Jonathan Buck, founder of JB & GS Mining GmbH, a German bitcoin mining hosting company.
In April 2022, the Central African Republic (CAR) adopted bitcoin as legal tender, becoming the second nation in history to do so. However, just a year later, the nation reversed its decision. But what are the reasons behind this failure in the CAR?
Challenging Economic Conditions
The CAR, one of the poorest countries in the world, faces numerous obstacles, such as political instability, inadequate infrastructure and food shortages.
In the 2018 Human Development Index, the CAR ranked second to last, with around 79% of its 4.7 million residents living in poverty. More than three million people in the country are reported to require humanitarian assistance while more than 85% of the population lacks electricity.
One of the
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