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Bitcoin Adopter’s African Crypto Hub Plan Has World Bank Vexed

  • World Bank $35 million loan unrelated to CAR’s crypto project
  • CAR second after El Salvador to adopt Bitcoin as legal tender
Faustin-Archange Touadera

Faustin-Archange Touadera

Photographer: Valeria Mongelli/Bloomberg

The World Bank is concerned about a plan by the Central African Republic to set up a crypto hub after it became the world’s second country to adopt Bitcoin, citing lack of transparency and the effect the move may have on financial inclusion. 

The African nation, which relies on donors for more than half of its budget, in April enacted a law making Bitcoin legal tender in the country. It now plans a “Crypto Economic Zone,” according to a post on President Faustin-Archange Touadera’s verified Twitter handle. The post included a presentation of the plan, which mentioned a $35 million grant pledged by the World Bank to digitize the nation’s public sector.