The Central African Republic is a sovereign nation. The condescending tone of this article is shameful. The CFA Franc has been a way for France to strip the CAR of its abundant valuable natural resources, and the World Bank wants this to continue. Alex Gladstein explains it much better than I can: https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-decolonization
The $35 million funding that the World Bank approved May 5 is meant for improving CAR’s existing public financial management system through digitization of processes such as payments of salaries and tax collections -- not the crypto project dubbed Sango, the lender said.
“The World Bank is not supporting “Sango – The First Crypto Initiative Project”,” the lender said. The digital governance loan “is unrelated to any crypto-currency initiative.”
“We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector and public finance at large, in addition to environmental shortcomings,” the World Bank said.
The link used for this post is for an archive of the article. The archive has no paywall, no subscription requirement, and can be easier to read. The original article, from Bloomberg's website, is:
The Central African Republic is a sovereign nation. The condescending tone of this article is shameful. The CFA Franc has been a way for France to strip the CAR of its abundant valuable natural resources, and the World Bank wants this to continue. Alex Gladstein explains it much better than I can:
https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-decolonization
The link used for this post is for an archive of the article. The archive has no paywall, no subscription requirement, and can be easier to read. The original article, from Bloomberg's website, is:
Bitcoin Adopter’s African Crypto Hub Plan Has World Bank Vexed
https://www.bloomberg.com/news/articles/2022-05-25/bitcoin-adopter-s-african-crypto-hub-plan-has-world-bank-vexed