President Touadera: Crypto is key to financial inclusion

A representation of cryptocurrencies in this illustration taken, on January 24, 2022. [Reuters]

Cryptocurrencies are the solution to tackling financial exclusion in the Central African Republic, its President Faustin-Archange Touadera said on Sunday, citing the cost of opening bank accounts.

"The alternative to cash is a cryptocurrency," Touadera said at a launch event for crypto initiative Sango hosted by the country, after it became the first African state to make bitcoin legal tender in April. "For us, the formal economy is no longer an option."