CZ meets with Central African Republic President (CAR) and uses the meeting to talk about the country’s crypto adoption.
The Central African Republic, or CAR, has recently made headlines. This came about after the nation accepted BTC as legal money. Since then, the African country has also introduced the Sango hub, which continues to draw interest.
President of the CAR meets with Changpeng Zhao
The nation has been in discussions with a number of industry participants in the interim. The goal is to create strategies for promoting the crypto community.
Faustin-Archange Touadéra, the president of CAR, reportedly had a meeting with Changpeng Zhao, the CEO of Binance. Both sides discussed the introduction of cryptocurrencies, legal frameworks, financial investments, and education.
Zhao posted a tweet confirming the news article. It can be seen that CZ meets with the Central African Republic President in the photo where they are shaking hands.
— CZ 🔶 Binance (@cz_binance) August 5, 2022
The President has been pushing for the acceptance of cryptocurrencies in his nation since CAR adopted Bitcoin. He has therefore established a number of measures to turn the nation into an African center for cryptocurrency.
The first nation to accept BTC as legal money is El Salvador. Given the country’s current economic unrest, Touadéra believes that embracing Bitcoin is the best course of action.
The nation’s primary currency, however, has declined by more than 50% from its all-time high of $69k in 2021 since the adoption of Bitcoin. Touadéra is nevertheless still upbeat about Bitcoin.
The CEO of Binance promotes the use of cryptocurrency elsewhere
The CEO of Binance has also discussed ways to increase the global use of cryptocurrencies. For instance, Zhao met with the leaders of Senegal and the Ivory Coast last month.
Zhao, though, thinks that the continent is prepared. As a result, the exchange has teamed with Jokkolabs, one of the region’s biggest hubs for social impact. A blockchain education and awareness effort will be launched in Francophone Africa.
However, Zhao’s cryptocurrency endorsement comes amid widespread criticism of the cryptocurrency exchange Binance. There have been rumors in recent months that the cryptocurrency exchange has rejected regulation.
Binance is subject to regulatory scrutiny and criticism.
One of the papers mentions Reuters’ assertion that the site engaged in money-laundering activities. Recently, the Philippine regulator advised its residents to stay away from Binance since it lacks a license.
Some detractors assert that Zhao’s contacts with other leaders improved the exchange. Among other significant encounters was Zhao’s with Turkey’s Finance Minister Nureddin Nebati.
They discussed blockchain technology and cryptocurrencies primarily.
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In addition, the Turkish authority punished the cryptocurrency company with $750,000 for breaking the rules.
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