The Central African Republic has adopted Bitcoin as a legal currency, becoming only the second country to do so after El Salvador.
Lawmakers from the central African country unanimously adopted a bill to make Bitcoin legal tender alongside its CFA franc and legalised the use of cryptocurrencies.
President Faustin Archange Touadera signed the measure into law, his chief of staff Obed Namsio said in a statement.
The CAR “is the first country in Africa to adopt Bitcoin as legal tender,” Namsio said.
“This move places the Central African Republic on the map of the world’s boldest and most visionary countries,” he added.
The new legislation covers the use of cryptocurrencies and those who use them, in online trade, “smart contracts… by blockchain technology” and “all electronic transactions”.
It also said cryptocurrency exchanges are not liable to tax.
However, due to the high volatility of the digital currency, some are wary of the move.
Martin Ziguele, a former CAR prime minister who is now an opposition MP, complained the bill was approved “by proclamation” while some legislators intend to file suit against it at the Constitutional Court. “This law is a way of getting out of the CFA franc through a means that guts the common currency,” said Ziguele. “It [the law] isn’t a priority for the country,” he said. “This move raises the question: who benefits from it?”
Regulators around the world share the same concerns. Some also say that transfers using crypto are a perfect tool for traffickers and money laundering as they can be anonymised.
While countries such as India have in the past banned crypto transactions, El Salvador became the first country to adopt Bitcoin as legal tender last September.
But the move by El Salvador was heavily criticised by the International Monetary Fund (IMF).
The IMF warns El Salvador to drop Bitcoin as a legal currency “The adoption of a cryptocurrency as legal tender, however, entails large risks for financial and market integrity, financial stability and consumer protection,” it warned.
The CAR is one of the world’s poorest countries and has been in the grips of a nine-year civil war that developed largely along sectarian lines.
In 2020, a coalition of rebels advanced on the capital Bangui, threatening to overturn Touadera as new elections loomed.
Russia dispatched paramilitaries to help repel the threat and then recover much of the rebel-held territory.
The operatives are described by Bangui as military advisers but by France, the UN, and others as mercenaries from the Kremlin-backed Wagner group, which has been accused of abuses.
In a recent experiment, it was possible to send Bitcoin (BTC) using high-frequency radio and through a snowstorm. Due to fears of government interference and surveillance, developers have been trying to send Bitcoin internationally without using the internet or satellite. The information was released on Twitter by the hardware and software creator Rodolfo Novak.
Bitcoin Sent Through High-Frequency Radio
There have been several tests to transfer Bitcoin without using internet. For example, it was possible to do it via mesh networks and satellite. This is quite important since it would allow individuals to be connected to the Bitcoin network even if there is a country that turns the internet off.
Toronto,CAN => Michigan,USA [40W:#SnowStorm]
Bcuz its a brainwallet made ahead of time, with bearer pk I don’t require internet to broadcast this transaction at the time i’m sending pic.twitter.com/OzcbMEvYw0
— NVK (@nvk) February 12, 2019
This experiment started when Novak asked who would like to receive Bitcoin using WSPR/FT8 (amateur radio). A suitable candidate answered the comment using a SDR and an antenna. Using the application called JS8Call, Novak sent a bitcoin transaction from Toronto, Canada to Michigan, in the United States.
The computer scientist and cryptographer Nick Szabo seemed very excited about it. He wrote on Twitter that Bitcoin was sent over national borders without internet or satellite, but just using nature’s ionosphere.
Although there are some security issues related to a poorly constructed brain-wallet, this is a great way to send cross-border Bitcoin transactions offline. Brain wallets are cryptocurrency wallets that allow users to receive virtual currencies but storing the seed phrase just in users’ heads.
There are several countries that are opposed to virtual currencies, including Bitcoin. Two of these countries are Venezuela and China. Using high-frequency (HF/HAM) radio is a novelty in the space. Although we might never use these methods for transacting virtual currencies, it is very positive to know that they work. In the future, some users or individuals in some countries could have to use this method to remain connected.
According to some reports, the Russian president, Vladimir Putin, ordered the country to unplug itself from the internet. The intention is to check how their economy is able to survive without being connected to the internet. This is a clear example of what countries can do with their connection to the cyberspace.
In case there is a war, Russia and countries should be prepared to be disconnected from the internet. Thus, Bitcoin would have to find new ways to be transacted.
Another way to send Bitcoin without an internet connection or cellular network is through a TxTenna device. Although the transaction does not work entirely offline it offers a secure way to send Bitcoin offline. Users have to rely on the goTenna mesh network and the Samourai Wallet. Mesh nodes receive the transaction until a TxTenna internet connection is found. This is when the transaction is sent to the Bitcoin network.
— ℭoinsure (@Coinsurenz) October 16, 2018
In the long run, soft money (which loses value and debases the savings of the individual) can only be enforced via authoritarianism, if hard money independently exists via either nature (gold) or technology (btc).— Lyn Alden (@LynAldenContact) March 31, 2022
And that soft money system I cannot logically or morally support.
Keeping your private keys accessable only to yourself guarentees your coins for life, no matter what, always verify the addresses to where you send your coins, always remember any passwords that you set, you can also dollar-cost-average, after that you’ll be all set 👍
YES! Finally! Looking forward to trying to mine BTC with true quality workmanship!
1> Hodl your Bitcoin leaving only the amount that can be personally dispensed in mainstream finance.
2> Defend free and open Bitcoin markets anywhere and everywhere around the world.
3> Mine Bitcoin only with renewable energy, even if starting with just one miner.
4> Spread the knowledge, awareness and best practices of Bitcoin whenever possible.
5> Consider with others in the community our unit of account in BTC.
Bitcoin teeth, for Bitcoin smiles!
Today in Jan 4th, 2022, where currently our Government and Banking system backing it have lost credibility, having continually been discrediting Bitcoin all these years but now the tables have turned, unfortunately nothing is changing due to the forces of weaponry and financial graft. To adopt today financial alternatives that release limitations from any capital controls on USD or other currencies, a challenge that we have all been collectively facing since 2019, so with Bitcoin legal tender we also all have the capability of avoiding what is being rolled out for us now, the underhanded CBDC schemes attempting to take over all control of our funds. Bitcoin is digital property of which 21,000,000 coins exist, each dividable by 0.00000001, totally independently run, and is globally considered the ideal form of stored energy. The national transition to financial freedom starts through a request for funds, which must instead now come from the private sector, to distribute support from the general community, in order to: 1) Present a 2 hour educational workshop at the Parliament, to introduce and optionally sell a maximum of ₿0.01 to each of the 128 Member of Parliament's recommended wallets chosen from the official bitcoin wallets selector at bitcoin.org/en/choose-your-wallet for introducing them to bitcoin. 2) Ensure guaranteed open market for freely and fairly trading Bitcoin anytime. 3) Lawyers from the community in tandem with BBB Labs will submit this legislation to MPs at parliament to pass eternally Legal Tender status for Bitcoin in Lebanon. We may adopt a ₿3 deposit option for foreigners who want to work or retire in the country, with permanent residency paperwork, to the multi-signature Bitcoin wallet belonging to our mining trust fund, making sure that any donations must not come from any government, political party or corporate party, and any such support received from such entities must be 100% duly returned. The multi-signatures will be held by 1) our founder, 2) our co-founder, and 3) the BBB Labs secretary, among possibly an additional recommended, tightly controlled external ombudsman. 4) A plan for revamping the production of purely renewable resources for the capability of a USD32.5m budget to have sustained Bitcoin mining by the government in order to independently cover all its budgetary expenses, as well as ₿0.01 monthly to each citizen in Universal Basic Income, so that the government and it’s people can independently stand up back on their feet. All Bitcoin mining must be produced through renewable energy resources, whose investment requirement must look similar to the Bitcoin mining requirements. We have contacts with individuals at the most renown local and global environmental agencies that can be consulted to provide the latest technologically advanced conversions of renewable resources into energy, such as those still mostly unknown to the mass market, and have it provided at the best value as well. Lebanon has plenty of sunshine and strong sustained wind is found in Lebanon's extreme northern border strip with Syria. Also, enterprising Lebanese are currently devising Magnet Phase Generators which are increasingly being the favored energy production option, as well as also thorium power plants. The dream of “free energy” is the ultimate answer to our pertinent issues. 5) To ultimately have the unit of account in our government denominated in Bitcoin. For progress to happen on reversing capital controls and other financial challenges that remain unresolved, the solution is now a responsibility of BBB Labs in Beirut, tasking itself to correct the unjustified financial challenges facing our families today. The necessary resources in order to realize this dream: around $65,000,000 in renewable energy investment, complete Bitcoin mining equipment, introductory workshops, and for attorneys among our community to begin writing legislation for submission to our parliament. This legislation brings freedom to us and our entire Nation by enacting it into law by hand signature at our legislature. BITCOIN BLOCKCHAIN Beirut Labs.
Arabic translation needed please
Please come on board
Get a copy of “The Fiat Standard”, Dr. Ammous’s sequel to “The Bitcoin Standard” while it is still pre-released!
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Devastated by the drastic devaluation of the Lebanese pound, more and more people are embracing cryptocurrencies
It’s a small, unassuming office tucked between a dog grooming parlour and a slot machine room in Bourj Hamoud, Beirut’s Armenian neighbourhood. Hanging on the wall are two golf clubs, three golf balls and, above them, a framed poster showing the price of bitcoin, which is rising sharply.Continue reading “In Lebanon, Bitcoin is Proving to be a Safe Bet”
Don't panic. As you are likely to regret most things you do while you are panicking, including panic sell. It's called "panic sell" for a reason.— CZ ???? Binance (@cz_binance) September 8, 2021
Bitcoin loves being attacked. Bitcoin especially likes it when something tries to kill it. And it’s also very fond of people trying to ban it or trying to replace it with something “better”. When it comes to attacks on Bitcoin, the question isn’t “what’s going to kill Bitcoin?”; it’s “what’s going to make Bitcoin bigger, stronger, better, and more valuable?”.Continue reading “Why Everything That Should Hurt Bitcoin Only Makes It Stronger”
El Salvador has been a country suffering from civil war, economic ruin and high organized crime & murder rates for much of its modern life. Yet the 39 yr old El Salvadorian President, Nayib Bukele, who enjoys a super-majority of his party in parliament, in a world’s first, enacted law making Bitcoin legal tender in his nation.
Since 2001 El Salvador has done away with its local currency, the Colon, and instead decided to use The US Dollar as legal tender. With Bitcoin also now as legal tender, El Salvador made the best choice for securing the nation’s wealth going forward during these uncertain geopolitical times.
Stating the ease of payments and remittances which much of the country depends on, as well as the fact that many El Salvadorians aren’t banked, Bukele sees Bitcoin as the ideal solution.
It doesn’t stop with making Bitcoin legal tender. Bukele asked the state owned geothermal energy firm, LaGeo, to devise plans for offering Bitcoin mining facilities to Bitcoin miners who want to use the nation’s geothermal energy resources to run their mining farms. According to journalist Max Keiser, to be able to attract these miners, El Salvador is also offering permanent residence for Bitcoiners who are willing to dedicate BTC 3.
This, first-time, comprehensive all-round adoption of Bitcoin by a whole nation is the light Bitcoiners have been waiting to see in a long time, and just as the first domino falls, we also envision many other nations eventually following in El Salvador’s path.
Original Post by: Pete Rizzo
The Bitcoin Pizza Day story is one of the technology’s most historic tales, but even if you know the Bitcoin pizza price, these facts might surprise you.
May 22 is now forever known as Bitcoin Pizza Day, the holiday marking the date in 2010 when the first real-world good was bought with the first decentralized digital money.Continue reading “Seven Surprising Facts About Bitcoin Pizza Day”
See also short film:
Original post by: Tyler Durden
Crypto markets are sliding this morning following headlines that the CFTC is investigating whether the world’s largest cryptocurrency exchange Binance, which isn’t registered with the agency, allowed Americans to buy crypto ‘derivatives’ – which are regulated by the CFTC – and over ‘know your customer’ regulations.
Bitcoin slid back below $56k, plunging by $1000 in minutes.
Ethereum – the token behind the NFT craze – dipped below $1750…
In response to the probe, Binance told Bloomberg that it never comments on its communications with regulators, while adding that the company is committed to complying with rules. For instance, Binance blocks U.S. residents from its website and uses advanced technology to analyze deposits and withdrawals for signs of illicit transactions, the company said in a statement.
“We take a collaborative approach in working with regulators around the world and we take our compliance obligations very seriously,” Binance said. The CFTC declined to comment.
The investigation adds to the U.S.’s growing crackdown on crypto. The CFTC has already sued BitMEX for failing to register as a broker, with the exchange’s market share declining since it became a target of regulatory scrutiny. Coinbase Global Inc., the U.S.’s biggest crypto exchange, also disclosed last month that it’s responding to a wide-ranging CFTC probe.
Of course, such regulatory interventions always end up amounting to nothing as those who have followed crypto trading in the past five years know too well (only the Fed tightening monetary policy can burst the bitcoin bubble). Furthermore with a growing number of institutions now adopting crypto, it will be virtually impossible for regulators to squash the sector now that even vain Hollywood artists have adopted it in hopes of peddling their idiotic NFTs.
As such, we expect any dip in crypto to be promptly purchased by the growing number of institutions seeking a cheaper entry price.
By: Andreas Antonopoulos
See also short video:
Original post by: Lara Abdul Malak
Whether the Lebanese want to or don’t want to believe it, whether the Lebanese government and banking sector want to accept it or not, the Lebanese banking industry is dead. No amount of capital raises, no amount of restructuring can bring back the lost trust. Trust is the basis of all activities in society, economy, finance and most importantly politics, and trust is lost in the banking sector for not only the old generations, the current but also future, the youth.
In the 1990s Lebanon was the first country in the region to have cellular or what we call a mobile network, the reason being that the entire landline infrastructure was outdated or destroyed during the war. Lebanon was the first in the Arab region not because they wanted to be the first but because they had no choice but to be the first to jump into the bandwagon of the latest technology, the era of mobility and later on the era of internet.
Today we are at the same cross road. After the fall of the Lebanese banking sector due to their irresponsible lending to the Lebanese corrupt state and government, the Lebanese not only lost their life savings but today have lost whatever was left of their purchasing power in Lebanese Lira.
While in some countries this would still be survivable because they have products and services or manufacturing industries that they themselves own, in Lebanon everything is dependent on raw material, or products from outside, making the economic and social tragedy a 100 times worse.
But maybe the Lebanese have a solution, a chance to not only free themselves from the expiration of the banking sector, the corruption of the state and its political regime but also a chance to help each other in a way like never before.
The answer is in digital currencies. It doesn’t have to be a crypto currency like Bitcoin or Ethereum it could just be a stablecoin like USDC, Tether , Japanese Yen (JPY) , or china’s upcoming digital currency stored in each person’s digital wallet, or with a crypto asset custodian.
So what would that mean for Lebanese and their economy, first and foremost if your money is stored digitally in your pocket, and securely then you could make payments from one digital wallet to another no matter where that other digital wallet was in the world. This would be a savior not only for individuals but also businesses, manufacturers and traders in Lebanon who need to pay for goods and raw material but need to traditionally go through a bank to do it. This is called Peer to peer payments and most of them are carried out on Blockchain public networks. One such company that is doing this for the Lebanese is Fluus.me
Companies such as Global Digital Money for example are even allowing people to hold digital currencies, crypto not only in a digital wallet but in a regular card and giving them the ability to make all payments using those cards at Point of Sales or ATMs within a country or from one country to another.
It would also mean that Lebanese could actually lend money as well, in what is now known as peer to peer lending. So instead of depending on a corrupt government and irresponsible banking sector to lend money to businesses and projects that need funding to grow, expand or operate, or lending money to people who want to buy a house or car. Lebanese could lend to each other using smart contracts on the blockchain with agreed upon interest rates and terms.
Even more so, Lebanese expats who usually send money to their families as remittances wouldn’t even have to worry about using a bank or traditional money payment service provider, they could use blockchain enabled remittance providers like Telcoin , Cwallet, Cashaa, or others.
The Lebanese and international community could even carry out a crowd funding campaigns, on crowd funding platforms or even deal making platforms to build an electrical plant utilizing stablecoins to pay for tokenized shares in this plant and take profits all put into their digital wallets in a transparent, secure, and efficient way.
While the central Bank of Lebanon showed shallow interest in launching a Lebanese digital currency for usage inside Lebanon, or launching the lending trade finance platform for Lebanese industrial sector, nothing happened because nothing ever does. Maybe it would have been better to use Banqu or others already in the space.
These digial currencies, wouldnt need traditional exchanges but Lebanese could use digital and crypto exchanges of which many of them are now being regulated in the region such as CoinMENA, Matrix, RAIN, and many others.
In the final analysis, while death is scary to accept, and what is new is usually even scarier to embrace, the Lebanese need to start to understand that there are solutions out there in the digital age that weren’t available before, and they need to start embracing these new digital forms of money and the freedom as well as responsibility it brings.
The death of the banking sector is inevitable across the globe at some point in the future, and while it has started already in Lebanon this could be seen as an opportunity.. Lebanon and Lebanese have always been the first to embrace opportunities so don’t stop now.