Binance’s CZ travels to the CAR and meets with President Touadéra

Changpeng Zhao met with President Faustin-Archange Touadéra to talk about bitcoin and other cryptocurrencies. There isn’t much information available in the public regarding what exactly transpired at the Friday meeting of the minds. The CEO of Binance recently met with African leaders, so it only made natural that he go to the continent’s first country to recognize bitcoin as legal cash.

1/ Today’s meeting was impressive and was a crucial step for the future of the Central African Republic.

We appreciate you sharing your thoughts and inspiring ideas based on your experience with @binance, @cz binance. A absolutely amazing occasion! #CAR image from Twitter: gyU5fu2Bbt

August 5, 2022 — Faustin-Archange Touadéra (@FA Touadera)

President Touadéra said the following in the tweet announcing the meeting:

“Today’s meeting was impressive and was a huge step forward for the Central African Republic. We appreciate CZ being honest and offering some inspired suggestions based on his experience with Binance. A absolutely amazing occasion!

The meeting’s subjects included education, investments, the acceptance of cryptocurrencies in the Central African Republic and the surrounding area, as well as the goals of the Sango project. For the future, better things are shaping up.

CZ said, “I just met with President Faustin-Archange Touadéra of the Central African Republic. the acceptance of cryptocurrencies, investments, and regulatory systems.

Just had a meeting with @FA Touadera, president of the Central African Republic. the acceptance of cryptocurrencies, investments, and regulatory systems.
— CZ Binance on August 5, 2022 (@cz binance)

What specifically did these two guys discuss? Right now, we wouldn’t know. So far, it is all the first-hand data we have. But let’s see if we can figure out what President Touadéra and CZ discussed by looking at what has been happening around these two figures.

The Past Few Months of Changpeng Zhao And President Touadéra

We should begin at the beginning. Binance said when the Central African Republic declared bitcoin legal tender:

“Despite significant price fluctuations and volatility this year in 2022, Bitcoin (BTC) use is rising on a worldwide scale. According to the most recent sources, the Central African Republic has joined El Salvador as the second nation to officially recognize Bitcoin (BTC) as legal cash.

Let’s go back to last month, when CZ visited with Macky Sall, the president of Senegal, and Alassane Ouattara, the president of the Ivory Coast. “Mr. President handed us a wonderful picture from a local artist, I haven’t opened it yet,” CZ wrote in reference to the second visit. I’ll post a picture on this forum later. He was clutching a BNB Challenger coin, which we gave him for significantly less. There are reports that Binance may provide a crypto-related educational program in French-speaking Africa. Thus, President Touadéra enters the picture.

The Central African Republic has been active in defending its choice to use bitcoin in front of global financial institutions, nevertheless.

Central African Republic v. Banks

The banks started to attack in May. First, the CAR received a letter on their Bitcoin Law from the governor of the Bank of Central African States. This legislation shows that its primary goal is to create a Central African currency independent of the BEAC, which might undermine monetary stability by competing with or replacing the legal currency already in use in the CEMAC.

The letter makes the case that the major goal of the legislation seems to be the creation of a Central African currency “outside the jurisdiction” of the BEAC and that this action might be seen as a threat to the French colonial monetary system.

May 8, 2022 — Alex Gladstein (@gladstein)

It’s crucial to keep in mind that the CFA franc is the purportedly controlled currency by the BEAC. a French-issued money. The condition is referred to as the “colonial franc system” or “the French colonial currency system” by Alex Gladstein. This implies that the purpose of the Bitcoin legislation is to be disregarded. But what does he think of the Sango project’s absence of Bitcoin?

Around the same time, the World Bank disassociated itself from the Sango project in another letter. A $35M investment in the contentious project was reportedly announced by President Touadéra and his entourage. Bloomberg reports that the World Bank’s answer was as follows:

The lender said, “Sango – The First Crypto Initiative Project” is not supported by the World Bank. The loan for digital governance “is not tied to any effort using cryptocurrencies.”

“It is crucial that the appropriate regional institutions, such as the central bank and the financial authorities, be adequately consulted and stay in the driver’s seat,” the World Bank further cautioned. Why has the organization suddenly become so interested in the Central African Republic? Consider the fact that the Top 10 Global Crypto Adoption Index of Chainlysis includes five African nations.

Africa is ready to embrace cryptocurrencies. 10% to 20% were banked. We need financial inclusion and access. That is made possible via blockchain and a smartphone.

— CZ Binance on July 6, 2022 (@cz binance)

Africa is ready for cryptocurrency adoption, CZ recently tweeted in response to that specific topic. 10% to 20% were banked. We need financial inclusion and access. That is provided via blockchain while using a smartphone. It’s true, but do they have the dedication to withstand the pressure from foreign banks? Will the other African nations have the intelligence to concentrate on bitcoin, too? Or will they introduce works that are as unimpressive as Sango?

Leave a Reply