legal tender

Crypto: From scammers to influencers – players of the African blockchain

in depth

This article is part of the dossier:

Crypto Adventurers

By Julien Clémençot, Quentin Velluet

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Posted on August 17, 2022 08:10

The craze for this alternative payment method is attracting a lot of interest on the continent. We bring you a closer look at the pioneers of African cryptocurrencies.

This is part 1 of a 3-part series

The Central African Republic has suddenly put the continent in the spotlight, in April becoming the first African country (second in the world after El Salvador) to offer legal tender to cryptocurrencies on its territory, before launching its own digital currency, Sango Coin. Analysts and commentators have questioned the relevance of this choice in a country where only a tiny fraction (11%) of the population has access to the internet, especially at a time when the price of cryptocurrencies – particularly Bitcoin – is plummeting.

Nevertheless, CAR President Faustin-Archange Touadéra and his advisors have, with this decision, however controversial, confirmed a trend that has been underway for several years: the very strong interest of Africans in cryptocurrencies. Emancipated from the monetary system run by central banks, which they were built to oppose,

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