The International Monetary Fund (IMF) recently published a report that highlighted a more optimistic view of the economic prospects of the Central African Republic (CAR) and linked it to the country’s adoption of Bitcoin (BTC) and the potential impact of embracing cryptocurrency.
According to the report, the country is forecasted to experience a 2.2% increase in real GDP growth and an average inflation rate of 6.3% in 2023. The IMF attributed this optimistic trend to various factors, including policy adjustments that have improved fuel supply in the country.
The report also mentioned that the county’s projected public debt is expected to remain at a sustainable level. However, it highlights notable liquidity risks due to relevant debt indicators. These risks arise from the possibility of insufficient donor assistance and challenges in accessing domestic and regional markets.
The Central Africa Republic made history by being the first African country to adopt Bitcoin as its official currency. It joins El Salvador as the second nation to do so globally. Despite being one of the world’s poorest countries, the country is leveraging the advantages offered by Bitcoin to transform its financial system and boost its economic potential. The government acted swiftly to prepare for the inclusion of digital currencies when Bitcoin gained legal status.
President Faustin-Archange Touadera has also announced a significant cryptocurrency initiative called “Sango” as the country’s entry into the world of cryptocurrencies.
However, in December 2022, the government announced a delay in listing their cryptocurrency, Sango Coin, on cryptocurrency markets. The decision was attributed to current market conditions and the need for additional marketing considerations.
The government noted that its task team is working on revising laws to facilitate the seamless integration of Sango Coin, which is based on the Bitcoin Network. It also stated that the team assigned to this effort is dedicated to ensuring a smooth transition and successful implementation of the cryptocurrency in the country.
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