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.
Central Bank Digital Communism.— Ben Rickert (@Ben__Rickert) March 23, 2022
“1984” doublespeak from the Fed
What is lacking nations like Lebanon to do the same now?
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 👍
OP: on medium.com
You’re into cryptocurrency and have been wrapping your head around it for some time, yet somehow you feel your search isn’t ending.. I know the feeling, I’ve been there and back, and I bring you now what will put your search to rest.
See, the search isn’t about cryptocurrency per-se, what it is you’re looking for exactly is Bitcoin! This is the earth-shaking technology copied by all other coins, that you need and nothing else. So simply, to guarantee your digital asset future going forth into an uncertain future is to make sure you are hodling Bitcoin! Hodl, the misspelling of hold, means so much more than simply holding Bitcoin.
Hodling Bitcoin is no easy task. You have to battle wild price fluctuations, whales going after your fair share, and abstaining from temptations and promises of other-worldly profits using leverage.
The technique most espoused by the most famous global Bitcoiners is called Dollar Cost Averaging (DCAing), or in plain English, to regularly buy small amounts when Bitcoin’s price is offered at discount, like after a major sale, is when you buy.
If you still have your assets now in “cryptos” for goodness sake switch them for Bitcoin asap, cryptos are nothing more than Bitcoin forgeries.. counterfeits! After the world moves on to the Bitcoin standard what do you want to be left with holding in your bag?
If you are an American then you may have a Coinbase account, otherwise perhaps you have a Binance account, it matters little in actual fact how you exchange your cryptos but what is essential is to trade in those ***tcoins and ***tcurrencies for Bitcoin! Don’t take too long to make your trades though because the Bitcoin standard comes online in a matter of months. So be ready, be prepared, and best of luck. Peace, love, and eternity to all.. with all your Bitcoins in hand 💪
Symbolically explaining Bitcoin
Contributor Namcios Bitcoin Magazine
Published Mar 3, 2022 1:13PM EST
Lugano will also ‘roll the red carpet’ for Bitcoin and blockchain businesses and enthusiasts to relocate to the city.
The city of Lugano, Switzerland, will make bitcoin legal tender and allow citizens to pay for public service fees or taxes in bitcoin, city director Pietro Poretti co-announced in an event livestreamed on Thursday alongside mayor Michele Foletti and CTO of Tether Paolo Ardoino. The city has already worked with over 200 merchants to propel the adoption of bitcoin and Lightning payments.
“This is probably the most important thing of this project,” Ardoino said, referring to “Plan ₿,” a city initiative being sketched and worked in collaboration with Tether to attract wealth, smart minds, and opportunities. Tether’s stablecoin USDT will also become a legal tender in the city.
Plan ₿ involves the creation of a physical venue in the heart of the city to function as a hub for Bitcoin and blockchain startups interested in making the city their new home, as well as the go-to place for networking events and hosting Bitcoin meetups and workshops.
“El Salvador’s GDP increased by 10% and its tourism by 30% after declaring bitcoin a legal tender,” Ardoino said. “Imagine what we can do in a city at the center of Europe.”
Poretti said the city would “roll the red carpet” for Bitcoin businesses and enthusiasts, welcoming visitors and prospect relocators with a business-friendly environment featuring minimized bureaucracy and the ideal conditions for a company to thrive.
Plan ₿ also provisions the creation of two investment funds. The first will allocate up to $3.26 million to foster the adoption of bitcoin, USDT, and LVGA, the city’s stablecoin worth one-hundredth of a Swiss franc which will also be legal tender in Lugano. The second represents the formation of a pool of funds of up to $108.6 million for Bitcoin and blockchain startups that wish to relocate and set up their headquarters in the city as well as bring personnel to the Switzerland town.
Another aspect of Lugano’s Plan B involves a close relationship with academia. It plans to create a specialized curriculum on Bitcoin and Lightning in a partnership with local universities to increase the skills of young students in these new technologies. Bitcoin and blockchain education efforts will also include the creation of 500 student grants to create a skillful and specialized workforce.
In late October, the city of Lugano will host the Bitcoin World Forum, a global event focused on the acceleration of bitcoin adoption and the advocacy for freedom of expression, Ardoino and Poretti announced in the event.
The speakers also announced the intention to have Lugano start mining bitcoin as Plan ₿ researches strategies the city could leverage to employ renewable energy sources to yield BTC.
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.
The blockchain is made of a chain of blocks. Blocks are made of transactions. Transactions are made by people.
The Block CEO and Twitter co-founder cites the crypto’s transparent fees.
By: Michael Bellusci
In his first live public appearance since exiting the Twitter CEO role to focus on running payments company Block (formerly Square), Jack Dorsey reiterated his belief about how society can benefit from the adoption of bitcoin.
“We’re the closest we’ve ever been to having a native currency for the internet with bitcoin,” Dorsey said in a conversation with fellow bitcoin proponent MicroStrategy CEO Michael Saylor at MicroStrategy’s Bitcoin for Corporations conference on Tuesday. Dorsey added that the world needs a universal currency where, for instance, decisions made in Washington don’t affect smaller nations on the other side of the globe.
Dorsey also touted bitcoin’s transparency, where fees are clearly visible and understandable, versus traditional finance where charges are a black box and corporate managers can’t always see how they work or are priced.Read more: What Jack Dorsey’s Beef With ‘Web 3′ Is Really About“Slow things tend to last and be more predictable and secure,” Dorsey said, taking exception to traditional tech media’s criticism that bitcoin’s development is much slower than that for other cryptos such as ethereum.
With respect to corporations purchasing or incorporating bitcoin into their businesses, Dorsey said that even if they don’t use bitcoin, every company should study it and how it could potentially improve their operations. Services built around the bitcoin ecosystem will be key, he added.
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