The Central African Republic is the latest African nation to turn to cryptocurrency as an investment opportunity and an alternative to the failing Central African Franc. The nation officially declared Bitcoin (BTC) as legal tender in April this year.
As the largest cryptocurrency exchange in the world, Binance is one of the key stakeholders in the crypto space. The new legislation has led to the country’s leaders meeting with Changpeng Zhao to discuss different aspects of crypto adoption and how the country could move forward with its new currency.
Binance’s CEO Meets The President
In an attempt to utilise the sector’s benefits, president Faustin-Archange Touadéra met with Changpeng Zhao (CZ) to discuss the various benefits of crypto adoption and to tackle some potential challenges to the Central African Republic.
CZ himself confirmed the meeting through a Tweet posted on August 5th, with a caption from the president thanking the CEO for sharing ‘brilliant ideas’ and discussing matters of education and crypto regulation framework.
The African nation is just the second to adopt Bitcoin as legal tender, following El Salvador’s adoption in September 2021. A monumental move not just for CAR, but also for Bitcoin as it continues to move towards mainstream adoption as a currency.
Since the adoption of Bitcoin, President Touadéra has focused on pushing for crypto adoption throughout the country, offering information about the benefits of crypto and educating citizens about how they can use digital assets.
Despite a struggling economy and a landlocked country that faces various issues, the head of state maintains that Bitcoin adoption is the right direction and can turn the country's fortunes.
CZ Aims To Expand Crypto In Africa
Zhao’s presence in CAR isn’t the only move he’s looking to make in Africa. He aims to promote crypto adoption in various other countries, recently revealing that he had meetings with the presidents of Senegal and Ivory Coast in July this year.
CZ is convinced Africa is ready to adopt crypto and has partnered with platforms like Jokkolabs, one of Africa’s first social impact hubs. The partnership aims to bring awareness and education across Francophone Africa through various educational programs.