What Is The Main Risk Associated With A Cryptocurrency Hot Wallet?
What Is The Main Risk Associated With A Cryptocurrency Hot Wallet?
The president of the Central African Republic Faustin-Archange Touadéra has announced that the country’s government will be supporting an initiative to build up the nation’s blockchain infrastructure. Early this week, the president noted that the Central African Republic will be launching the initiative after the country officially proposed to adopt Bitcoin as part of its legal tender.
With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech.
Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on https://t.co/LIQiKGhcBS. pic.twitter.com/7u6knv5f6w— Faustin-Archange Touadéra (@FA_Touadera) June 27, 2022
Developing a crypto hub in Africa
The aim of crypto initiative, Sango, is to build and develop a legal crypto hub in the country to attract business and firms to the industry while appealing to the global cryptocurrency market. This is designed to expand cryptocurrency adoption (especially Bitcoin) in the country and to create more space for the country to explore virtual methods of finance and business. According to Sango, the government aims to launch the initiative in early July as part of an event which will see the president and members of his cabinet discuss the use and potential for digital infrastructure in the country. Sango’s website also notes that the government plans to have a dedicated framework for the cryptocurrency space set in structure by the end of 2022. According to Touadéra, the overall aim is to build a successful economy that relies on innovative tech:
“The ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword.”
The Central African Republic’s plans are closely linked to that of the ones El Salvador had in place when it launched the Bitcoin Law; an official legislation that declared Bitcoin as legal tender in the country. Since September of last year, El Salvador has had Bitcoin as part of its official currency and financial systems. If the Central African Republic continues in the same direction, we might be looking an one of the next few countries to launch Bitcoin as legal tender.