Crypto adoption witnessed an unprecedented 178% growth in 2021. As expected, 1 billion people will move to crypto. Citing this as an opportunity, Central African Republic President, Faustin-Archange Touadéra has flagged his crypto adoption initiative. Folowing this, crypto adoption will get deeper similar to El Salvador from July 3 onwards!
What Will The Project Initiative Bring For The Central African Republic(CAR)?
The project will set up the first crypto hub in CAR. The crypto hub has the potential to radically transform the economy. Like Dubai, which has transformed its various sectors from arts & entertainment to administrative and law & order, SAR wants to achieve the same. The country aims to set-up a crypto district as well. On top of this, there will be a virtual crypto island which will have specific privileges like replicating a real tangible asset and transferring ownership right to users digitally. You own a space in the metaverse equals owning a place in the real world.
Adoption Expediates Following Announcement
Nayib Bukele of El Salvador had set-up the trend and economies which are either suffering from inflation or western sanctions are most likely to adopt crypto. In this category, Tonga, Turkey, Bolivia, Panama, Paraguay, Guatemala and Honduras are expected to be front runners.
As a clear mandate comes with respect to ESG, green energy and regulations, more countries would follow in the footsteps. Citing inflation, flawed monetary policies, sanctions, diplomatic and economic pressures, crypto could emerge as a game changer. The Ukraine-Russia war has already set the narrative for a non-confiscated asset type, and adoption of cryptocurrencies could be an imminent choice nonetheless!