With only 10% of the Central African Republic having access to the internet, how has Bitcoin fared in the country since its adoption a few months ago?
When the Central African Republic (CAR) adopted Bitcoin as legal currency, many were exultant at the news. However, as Bitcoin has spiralled down into the depths of a bear market, things are not yet looking up, and there are also many other factors at play.
According to Vice World News, Bitcoin use has been limited since its adoption, and there’s really no lack of understanding as to why. With 14% of the population blessed with electricity, and only 10% having access to the internet, only tourists have really been using the cryptocurrency.
Before Bitcoin, the land-locked country used the CFA franc, a currency used by a group of African countries, but disliked by many because of its links to its French colonial master.
President Faustin-Archange Touadera said at the time of the adoption “The alternative to cash is cryptocurrency. For
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