Is the CAR now at risk of being excluded from the CFA zone?

By Joël Té-Léssia Assoko, Omer Mbadi, Maureen Songne
Posted on Tuesday, 3 May 2022 13:00

Between the end of 2019 and the second quarter of 2021, the overall adoption rate of cryptocurrency increased 24-fold. In the space of one year, the same rate increased by 880%. © Ozan KOSE / AFP

Scandalised that cryptocurrencies are now considered legal tender, Central African financial authorities are planning to crack down on Bitcoin. But is the common front displayed within the BEAC really united?

Seen from the presidency in Bangui, the “historic decision” to adopt Bitcoin as an “official currency” undoubtedly represents “a decisive step towards opening up new opportunities” for the CAR, according to an executive document that we managed to consult.

Outside the borders of this state, which is one of the six poorest countries on the planet – where the GDP per capita stagnates at $493, well above Burundi’s score ($239), but not too far from Afghanistan ($518) – the reaction is incandescent.