C Africa’s leap into bitcoin leaves its people bemused

C Africa’s leap into bitcoin leaves its people bemused

LIBREVILLE, Gabon: In the Central African Republic (CAR), nine out of 10 people do not have internet, and only one in seven has electricity-that is, when there are no power cuts. Yet the CAR has just followed El Salvador in adopting bitcoin as legal tender, a currency that requires access to the net to be bought, sold or used. Foreign experts and CAR citizens themselves are struggling to understand why the world’s second least developed economy has announced this leap into monetary hyperspace. Among people queuing at one of the rare automatic teller machines (ATMs) in the capital Bangui, the word “bitcoin” stirred befuddlement.

“What is it?” asked Sylvain, a man in his 30s, waiting for his turn at the cash machine, which was operating thanks to a generator. “I don’t know what cryptocurrencies are-I don’t even have internet,” said Joelle, a vegetable hawker nearby. On April 28, President Faustin Archange Touadera announced that lawmakers had unanimously approved a bill that legalized the use of bitcoin alongside the CFA franc. All transactions using the cryptocurrency, including payment of taxes, are being authorized.

Government spokesman Serge Ghislain Djorie told AFP: “We are going to launch an awareness campaign and shortly introduce fiber optic cable-a low internet