Our monetary system is a fraud, perhaps a better definition for it might be evil, tyranny, or whatever anyone sees fitting to describe money as it affects us individually and geographically.
Couple the monetary system with extortion from Africa and you would wonder if Africa will ever be free from slavery.
The Central Africa Republic (CAR) followed in the footsteps of El Salvador to legalize Bitcoin in 2022, shortly after the country created its Sango coin.
Why Sango Coin?
El Salvador's legalization of Bitcoin is seen as a win for Bitcoin and cryptocurrency, the more nations embrace Bitcoin as a measure towards adoption, therefore CAR's Bitcoin legalization is viewed with a similar perspective.
You'd expect CAR to create a CBDC, but there is no mention of Sango being a CBDC. The Sango coin initiative could cause the country to lose Bitcoin supporters this is something I expect the country to be aware of.
Mathematics is the #language of the Universe.
#bitcoin is universal money.
Source
The above tweet from CAR's president shows he knows a thing or two about Bitcoin and being a mathematician puts him at a better understanding level of Bitcoin.
Below, Mamadou Moustapha Ly, the overseer of the development of the Sango coin gives us the reason behind the coin.
The law states that the digital currency that is legal tender is Bitcoin. We recognize this as our official currency. [...] Sango coin is a project for the Central African Republic state.
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Despite the intention behind the Sano coin, it remains unclear the direction and developments to follow up. There are questions about Sango that might deter investors, over time we shall see how things pan out in the country. Though I wouldn't shun the Sango concept provided the design and plan around it is of benefit to the nation and investors.
CFA Franc
I spent CFA Franc a few times in my teenage and early twenties when I visited the Benin Republic, for me, it was just a national currency until recently I found out CFA Franc is a currency for the French West African and Central African region. Therefore 14 nations use CFA in Africa.
A common currency in Africa will be nice to facilitate easier transactions within the continent like the Euro.
The CFA appears to be a currency imposed on these nations and they have been subjected to using it. This could be the reasoning behind CAR legalizing Bitcoin as the nation is known to be repressed by its colonial master France.
Reports continue to indicate that civil servants and government salaries are paid by its former colonizer, France, while the country is labeled a “repressed” economy according to the Heritage Foundation’s 2022 Index of Economic Freedom.
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It is depressing knowing countries in Africa are under such abuse, how does one explain the salaries of civil servants are being paid by a colonial master?
Could this be another reason behind the Sango coin? CAR is rich in natural resources, gold, diamond, uranium, etc yet it is one of the poorest nations in the African continent.
The country has made a good move to legalize Bitcoin but it is just a move that should be followed up by several other moves to break itself free of the financial control of the West.
We have to understand there's more to cryptocurrency adoption than legalizing Bitcoin, how do people accumulate Bitcoin comes to mind? This is where coins like Hive come in as anyone can accumulate by simply engaging on Hive.
Over time one can exchange Hive for Bitcoin. This is where we can start to experience the power of cryptocurrency and free ourselves from the slavery we have been subjected to.
There is a lot of work to be done in CAR, get more people onto the internet by making internet connections easily accessible for the ordinary person, that way people will get exposed to cryptocurrency and explore.
Bitcoin has shown us the light, it is now left for us to utilize it to better our monetary system which has been far from serving us well.
We owe it to ourselves to make Hive great
Image by @doze
Posted Using LeoFinance Beta
