Post
Topic
Board Economics
Re: Imagine African countries using Bitcoin to pay salaries,
by
Coyster
on 09/01/2024, 07:00:47 UTC
As far as I know, Central Africa Republic is the only African country that has made Bitcoin a legal tender.
Bitcoin is no longer a legal tender in Central African Republic, that law only lasted a couple of months and the country has already rescinded it, reports have it that they backtracked because of how poor the country is and their lack of electricity and other basic amenities, read the news here: https://bitcoinmagazine.com/culture/why-bitcoin-failed-in-car
Theorically it will be the best choice for economy in Africa ,
I don't see how this would help the economy, mind you that they are going to be paying the equivalent of their fiat currency in Bitcoin, that is you will be given the worth of whatever you are earning in Bitcoin, now you have to withdraw it and in doing so you have to pay transaction fees, Bitcoin is also volatile and a dump can take a good chunk out of people's salaries. This plan cannot work, especially in a poor and underdeveloped society.