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The President of CAR Undaunted Amid Crypto Market Massive Downturn

The President of CAR Undaunted Amid Crypto Market Massive Downturn

CAR President continues to support Bitcoin (BTC) despite the harsh crypto market conditions destroying the cryptocurrency.

On June 15, Faustin-Archange Touadéra, President of the Central African Republic (CAR), posted a tweet regarding a response to the current crypto bear market as he is not yet ready to give up on Bitcoin (BTC).

The news comes after the National Assembly provided BTC legal tender status back in April. This approval made the country the second in the world to accept Bitcoin as an official currency.

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Crypto Token VS Coin (Animated Explainer & Examples)

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The President recently stated that Bitcoin will eventually bring prosperity to the financial sector, additionally implying:

"Mathematics doesn’t account for human emotions. Future generations will look behind at these very moments to [celebrate] our strength & unity in choosing the right path during hard times.”

According to various statistics, the world’s largest cryptocurrency by market capitalization Bitcoin (BTC) has plummeted roughly 70% from its record-high of $68,789 to $20,368 as bears continue to reign supreme on the crypto market.

Back in May, the CAR announced that it would launch a cryptocurrency hub dubbed “Sango” as, according to Touadéra, the traditional economy isn’t a viable option anymore. However, right after, the World Bank stated that it won’t support the country’s first crypto initiative as it lacks transparency and might have a potential impact on financial inclusion.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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