• Binance CEO meets with Central African Republic President to explore cryptocurrency adoption

  • After formally declaring Bitcoin (BTC) legal tender, the Central African Republic continues to entice the cryptocurrency world. Since the new legislation, the country’s officials have engaged various crypto stakeholders in order to reap the benefits of the sector.

    In this vein, the president of the country, Faustin-Archange Touadéra, met with Changpeng Zhao (CZ), CEO of the Binance cryptocurrency exchange, to discuss several aspects of cryptocurrency, including adoption.

    Zhao confirmed the meeting in a tweet on August 5th, revealing that they discussed education and the crypto regulatory environment.

    Bitcoin adoption in the CAR

    Following CAR’s approval of Bitcoin as legal cash, Touadéra has increased his efforts to promote crypto adoption, as the country became the first in Africa and the second in the world to do so after El Salvador.

    The head of state believes that Bitcoin adoption is on the right track, particularly amid difficult economic times.

    In other news, Zhao has been on a global campaign to promote cryptocurrency acceptance in various countries. For example, in July 2022, Zhao stated that he met with the presidents of Senegal and Ivory Coast as part of his campaign to increase cryptocurrency acceptance across Africa and beyond.

    Despite concerns about Africa’s readiness to adopt cryptocurrencies, CZ believes the continent is ready and has subsequently worked with platforms such as Jokkolabs, one of Africa’s first social impact centers.

    Binance hopes to develop a blockchain awareness and education program across Francophone Africa as a result of the relationship.

    CZ’s global cryptocurrency advocacy

    It’s worth noting that Zhao’s support for cryptocurrencies comes amid criticism of Binance for failing to implement robust anti-money laundering regulations. As a result, Zhao’s talks with politicians are perceived as efforts to get Binance in good graces in jurisdictions where the exchange is popular.

    One important meeting focussed on the blockchain ecosystem and cryptocurrencies and was held between the Binance founder and Turkish Finance Minister Nureddin Nebati.

    Notably, Binance had already been fined $750,000 by Turkish authorities for failing to comply with new legislation.

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