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The Central African Republic will launch the continent’s first legal cryptocurrency investment center, the country’s president said. Despite the warnings of the International Monetary Fund.
The Central African Republic last month became the first country in Africa and the second in the world to adopt Bitcoin as the official currency.
The “SANGO” cryptocurrency initiative, which will soon be launched, has a website where interested investors can sign up for a waiting list.
“Formal economics is no longer an option,” President Faustin-Archange Touadera said in a statement On Monday.
“Impenetrable bureaucracy forces us to get stuck in systems that don’t offer a chance to be competitive.”
There is still no exact information about when the investment center will be opened and how it will work.
The move to introduce Bitcoin in a country with low internet usage and unreliable electricity supply has caused bewilderment among cryptocurrency experts, criticism from the International Monetary Fund, puzzled lawmakers and residents of the country.
The regional banking regulator of the Central African Economic and Monetary Community of the six countries also sent out a reminder of its ban on cryptocurrencies, saying it was designed to ensure financial stability.
Bitcoin has fallen 39% in eight weeks and lost more than half of its value since the peak ($69,000) reached on November 10.
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