President Faustin-Archange Touadéra got Changpeng Zhao to talk about bitcoin and crypto. The conference of the minds took place on Friday and there’s very little public details about what in fact took place. The Binance CEO has actually been satisfying African presidents just recently, so it just makes good sense that he went to the very first country to make bitcoin legal tender in the continent.
1/ Impressive conference today and an exceptionally crucial action for the future of the Central African Republic 🇨🇫.
— Faustin-Archange Touadéra (@FA_Touadera) August 5, 2022
In the tweet revealing the conference, President Touadéra composed:
“Impressive meeting today and an incredibly important step for the future of the Central African Republic. Thank you CZ for opening up and sharing some brilliant ideas based on the Binance experience. A truly remarkable moment!
Education, investments, crypto adoption in the Central African Republic and the region and the Sango project vision, were some of the topics of the meeting. Better things are shaping up for what’s to come.”
For his part, CZ revealed, “Just met with President of Central African Republic Faustin-Archange Touadéra. Discussed education, investments, regulatory frameworks, and crypto adoption.”
— CZ 🔶 Binance (@cz_binance) August 5, 2022
What did these 2 males speak about, precisely? We wouldn’t understand right now. That’s all of the first-hand details we have up until now. However, let’s analyze what has actually been going on around these 2 characters to see if we can determine what President Touadéra and CZ discussed.
President Touadéra And Changpeng Zhao’s Last Few Months
Let’s start at the very start. When the Central African Republic made bitcoin legal tender, Binance composed:
“Despite strong volatility and price correction this year in 2022, Bitcoin (BTC) continues to see increasing global adoption. As per the latest reports, the Central African Republic becomes the second country after El Salvador to make Bitcoin (BTC) a legal tender.”
Let’s fast-forward to last month, CZ met Ivory Coast’s President Alassane Ouattara and with Macky Sall, President of Senegal. About the 2nd encounter, CZ tweeted, “Mr. President gave us a beautiful painting from a local artist, I haven’t opened it yet. Will share a photo later in this thread. We gave him a BNB challenger coin (much lower value) he was holding in the pic.” There are reports that Binance will introduce a curriculum on all things crypto throughout French-speaking Africa. And that’s where President Touadéra can be found in.
However, the Central African Republic has actually been hectic standing by its choice to embrace bitcoin in front of worldwide banking companies.
BNB rate chart on FX | Source: BNB/USD on TradingView.com
Banks Vs. The Central African Republic
In May, the banks went on the offensive. First, the guv of the Bank of Central African States composed the automobile a letter about their Bitcoin Law. “This law suggests that its main objective is to establish a Central African currency beyond the control of the BEAC that could compete with or displace the legal currency in force in the CEMAC and jeopardize monetary stability.”
The letter argues that the law’s primary goal seems developing a Central African currency “beyond the control” of the BEAC which the relocation can be evaluated as an obstacle to the French colonial currency system.
— Alex Gladstein 🌋 ⚡ (@gladstein) May 8, 2022
It’s crucial to bear in mind that the currency that the BEAC allegedly manages is the CFA franc. A currency released in France. Alex Gladstein certifies the scenario as the “colonial franc system” or “the French colonial currency system.” And insinuates that the point of the bitcoin law is specifically to bypass it. What does he think of the absence of bitcoin in the Sango job, though?
In another letter sent out around the very same time, the World Bank distanced itself from the Sango job. President Touadéra and his group obviously revealed a $35M financial investment in the questionable job. According to Bloomberg, the World Bank’s action was:
“The World Bank is not supporting “Sango – The First Crypto Initiative Project”,” the loan provider stated. The digital governance loan “is unrelated to any crypto-currency initiative.”
The World Bank likewise alerted, “It is important that the relevant regional institutions, such as the central bank and the banking authorities, are fully consulted and remain in the driver’s seat.” Why is the company so thinking about the Central African Republic suddenly? Consider that 5 African nations appear in Chainlysis’ Global Crypto Adoption Index’s Top 10.
Africa is primed for crypto adoption. 10-20% banked. Need monetary gain access to and addition. Blockchain offers that with a mobile phone.
— CZ 🔶 Binance (@cz_binance) July 6, 2022
Commenting on that accurate topic, CZ just recently tweeted, “Africa is primed for crypto adoption. 10-20% banked. Need financial access and inclusion. Blockchain provides that with a smart phone.” That’s real, however, are they devoted enough to withstand the pressure from worldwide banks? And, will the other African nations have the wit to concentrate on bitcoin? Or will they reveal tasks as underwhelming as Sango?
Featured Image by Satheesh Sankaran from Pixabay | Charts by TradingView