President Faustin-Archange Touadéra received Changpeng Zhao to discuss Bitcoin and crypto. The summit took place on Friday, and there isn’t much public information about what really happened.Binance’s CEO recently met with the African president, so he decided to create Bitcoin fiat currency on the continent. It makes sense to visit the first country.
1/ Today’s meeting is impressive and a very important step for the future of the Central African Republic 🇨🇫.
— Faustin-Archange Touadéra (@FA_Touadera) August 5, 2022
In a tweet announcing the meeting, President Tuadera wrote:
“Today’s meeting was impressive and a very important step for the future of the Central African Republic. We would like to thank CZ for opening up and sharing great ideas based on Binance’s experience. What a wonderful moment!
Education, investment, adoption of cryptocurrencies in the Central African Republic and region, and the vision of the Sango project were some of the conference topics. Something better is shaping up for the future. “
CZ announced: We discussed education, investment, regulatory frameworks and adoption of cryptocurrencies. “
— CZ🔶 Binance (@cz_binance) August 5, 2022
What exactly were these two men talking about? Still do not know. Here’s the first-hand information I’ve got so far. But to see if you can figure out what President Tuadera and his CZ talked about, let’s take a look at what’s going on around these two characters of his.
The Last Months of President Tuadera and Zhao Changpeng
Let’s start from the beginning.Central African Republic Bitcoin legal tender, Binance I have written:
“Bitcoin (BTC) continues to see increased global adoption despite volatility and price corrections this year in 2022. According to a new report, the Central African Republic follows El Salvador as Bitcoin ( It will be the second country to adopt BTC as legal tender.”
Last month, CZ met with Ivory Coast President Alassane Ouattara and Senegal President McKee Sall. About the second encounter CZ Tweet, “Mr. President gave me a beautiful painting from a local artist. I haven’t opened it yet. I will share a photo later in this thread. BNB Challenger coin he had in the picture (much lower value) to him.” There are rumors that Binance will launch educational programs on cryptocurrencies across French-speaking Africa. President Tuadella appears there.
However, the Central African Republic has been busy supporting its decision to adopt Bitcoin in front of international banking organizations.
BNB price chart on FX | Source: BNB/USD on TradingView.com
bank vs.Central African Republic
In May, the bank went on the offensive. First, the Governor of the Bank of Central African States sent a letter to his CAR regarding Bitcoin legislation. “The law’s primary purpose is to prevent Central African currencies beyond the control of the BEAC that could compete with or supersede legal tender in force at CEMAC and endanger currency stability. It suggests that it is to establish
The letter argues that the primary purpose of the law is to establish the Central African currency “outside the control” of BEAC, and that the move can be analyzed as a challenge to France’s colonial currency system.
— Alex Gladstein 🌋 ⚡ (@gladstein) May 8, 2022
It is important to remember that the currency that BEAC appears to control is the CFA franc. Currency issued in France. Alex Gladstein calls this situation the “colonial franc system” or “the French colonial currency system”. And it alludes that the whole point of the Bitcoin law is to avoid just that. But what does he think about the lack of Bitcoin in the Sango project?
In another letter sent around the same time, the World Bank said: coral projectPresident Tuadera and his team have apparently announced a $35 million investment in the controversial project.according to to Bloombergthe World Bank response is:
“The World Bank does not support the ‘Sango – First Crypto Initiative Project’,” said the lender. The Digital Governance Loan is “independent of any cryptocurrency initiative.”
The World Bank also warned, “It is critical that relevant regional institutions, such as central banks and banking authorities, consult fully and stay in the driver’s seat.” Why would an organization suddenly be interested in the Central African Republic, given that Chainlysis’ Global Crypto Adoption Index includes her five African countries in the top 10?
Africa is primed for crypto adoption. 10-20% bank. We need financial access and inclusion. Blockchain offers it on smartphones.
— CZ🔶 Binance (@cz_binance) July 6, 2022
Commenting on that exact subject, CZ recently tweeted. 10-20% bank. We need financial access and inclusion. Blockchain offers it on smartphones. That’s true, but are they committed enough to resist pressure from international banks? And will other African countries have the wit to look to Bitcoin? Will you announce such an overwhelming project?
Featured Image by Satheesh Sankaran from Pixabay | Charts by TradingView
Binance’s CZ Visits Central African Republic to Meet with President Tuadera
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