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April 2022 - BBB Labs
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Bitcoin Legal Tender in Central African Republic

EURONEWS Report

https://www.euronews.com/next/2022/04/27/central-african-republic-follows-el-salvador-in-making-bitcoin-legal-tender

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.

Sending Bitcoin Without Internet or Satellite is now a Reality

Bitcoin

https://usethebitcoin.com/sending-bitcoin-without-internet-or-satellite-is-now-a-reality/

Jonathan Gibson · in Breaking, Bitcoin News, Crypto News

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.

BAM! #Bitcoin sent over 7.077Mhz via #JS8Call to @SamuelPatt

Sweep: https://t.co/mLGREGXXN0

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.

Over the weekend I sent a bitcoin transaction to a relay 12.6km away with no cell network or internet connection. Here’s a tweetstorm about how I used @gotenna and @SamouraiWallet to do it

— ℭoinsure (@Coinsurenz) October 16, 2018

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