The Global Role of Bitcoin
The Breakdown
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The Failure of Bitcoin as Legal Tender in the Central African Republic
The introduction of Bitcoin as legal tender in C.A.R. was met with skepticism, partly due to the country's close ties with Russia. The United Nations also warned that developing countries could face high risks and costs associated with cryptocurrencies. Embitious projects such as building a Bitcoin city failed or never began,. further dampening enthusiasm for the digital currency experiment. Despite this failure, other African countries represent some of the world's most promising growing epicenters of Bitcoin adoption.
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