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Bitcoin in Central African Republic: what are the prospects?

 


In addition to El Salvador, the Central African Republic (ZAR) also adopted Bitcoin as its official currency in April 2022 . The introduction was at least as surprising as it was in El Salvador, but things are not progressing as quickly in ZAR as Nayib Bukele pushed for in El Salvador. Even in El Salvador, bitcoin adoption is still at a low level. Now President Touadéra wants in the midst of the crypto ice agefor bitcoin adoption in the country. He invited a group of Bitcoin experts with expertise in various fields to the capital, Bangui, to advise the country on issues such as establishing internet access, connecting to the Lightning Network, and developing mining facilities. The results have now been compiled in a report .

"We came with the intention of exploring the country's strengths and weaknesses in an impartial manner and proposing solutions that are adapted to the reality on site," says Gouspillou about the reasons for the trip. The team identified the challenges in the ZAR as follows:

Ultimately, the poverty in the state is responsible for the individual points that make Bitcoin adoption significantly more difficult. Although the registration of a SIM card with the ID card makes it more difficult for mobile devices to spread, these measures are also mandatory in Germany, for example.


In contrast, the team sees the aspect that only 5 percent of the population has a bank account as an advantage to make the use of Bitcoin more attractive. The situation in El Salvador is similar, but less dramatic. Nayib Bukele often emphasized that around 70 percent of the people in El Salvador do not have their own bank accounts.


Mobile network coverage particularly important

The lack of access to electricity also means that Internet access is by no means a matter of course. In the Central African Republic, for example, only about every tenth resident has internet access. Currently, the African Development Bank is working with the Central African Republic to achieve fiber internet coverage over 70 percent of its territory. This should give around 90 percent of the population Internet access.


The conditions for using Bitcoin in the city of Bangui are relatively good. Not only is access to electricity better there, but 3G coverage is also given as 100 percent. In the country with around 4.8 million inhabitants, only 300,000 people currently have mobile Internet access. The number of mobile phone subscribers is even estimated at 2 million. Mobile network coverage is very important when it comes to using Bitcoin.


Bitcoin mining in Central African Republic?

The report also speaks of an immense potential in terms of energy sources.

According to the report , “the hydropower potential could create an installed capacity of 700 to 2,000 MW”. Currently, however, the Central African Republic only manages 40 MW.


Fundraising is intended to revive one of the discontinued hydropower projects in Central Africa, which can then be used to start bitcoin mining. For funding, the team recommends a route similar to El Salvador's Bitcoin bonds. Ultimately, the goal is to expand access to electricity and to create another financing option for this with Bitcoin mining.

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