The President of CAR Undaunted Amid Crypto Market Massive Downturn

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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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.