Central African Republic, Central African Republic Again, and Lastly Central African Republic
Cryptocurrencies are crucial in tackling financial exclusion in parts in the Central African Republic (CAR). Archange Touadera, its current president, said at a launch event for a crypto intitiative that "the alternative to cash is cryptocurrency." This came after the Cental African Republic became the first African nation to make Bitcoin legal tender.
The Central African government decided to announce the laucnhing of its own token, Sango Coin, a utility token for the Sango project. The goal for this project is to attract crypto talent/enthusiast, ramp up local BTC adoption, and oversee the rollout of the regulatory framework.
At the event, one of the key points that President Touader touched on was the importance of financial inclusion. In addition, he stressed the importance of getting citizens to access their crypto via smartphones easily. He drew comparisons to the current traditional finacial system saying, “The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”
One thing to note is that this project is being backed by the national assembly of CAR. This comes, after it was announced that the World Bank has no intentions of supporting this project due to the lack of "transparency".
Nevertheless, Presiden Touadera was being touted as saying that a significant focus on the project will be to tokenize the abudance and vast amount of natural resources that country has, therefore, opening it up to foreign investors. Further, citizens identity and assets will also be tokenized as Non-Fungible Tokens (NFTs). Additionally, their crypto island will play a huge role in developing this ecosystem. No further, details where provided.
To learn more about the initiative click here.
Unstoppable Force meets and Immovable Object
As winter crypto hits, on chain data is showing the crypto whales are even more confident in the digital asset.
Bitcoin ,currently trading at $20k, is down 35% for the year and down 71% from its all time high of $69k. During massive selloffs, many investors tend to liquidate their positions. This hasn't been the case for crypto whales, especially, those who own 1000 or more BTC. According to on chain data, they keep buying the dip.
According to recent data, the red arrow below depicts the last bear market where crypto whales where accumulating large amounts of BTC. How much exactly? According to Glassnode, BTC whales are adding 140K BTC per month on major exchanges.
Whales buying at cheap value could signal a return to a bull market. However, there isn't data to suggest of a fast recovery. Nevertheless, there are positive signs, one being that there is a growing confidence amongst retail BTC investors who hold 0.1 to 1 BTC, since they are also accumulating in this phase. This is something that wasn't seen since the price dropped their the covid crash and then bounced right up soon after.
Going, Going, and Gone!
We all can remember the popular coinbase super bow ad. The QR code bouncing up and down the screen. How can you forget that?
This was one of many crypto ads for super sunday. In fact, it was just a droplet compared to the many crypto ads out there in the past year. We can expect that to change fairly soon!
The companies behind cyrpto ads are trimming down on them in large drives, due to their ongoing trimming operation costs. This is one affect of the crypto winter we are experiencing. This is all they can do to weather the storm that has been brewing this year.
Since last November the crypto market went from being worth $3 trillion to $900 billion. Many more analyst predict that it may continue going down further due to the possibility of a recession. As a result of all this, crypto oreinted companies are cutting cost down, and ad costs are one of the first to go. Digital ad intelligence platform Pathmatics, reports that crypto ad revenue is down as much as 90% since last November.
Nonetheless, one thing seems to be certain that this disruptive technology has the potential to reward holders and believers handsomely in the near future.
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