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On March 7th, Yuan Da, Secretary-General of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the 15th Five-Year Plan period is a crucial period for accelerating the comprehensive green transformation of economic and social development. In implementing the concept of green development, low-carbon requirements are given greater emphasis. First, it clearly proposes to take carbon peaking and carbon neutrality as the driving force, and synergistically promote carbon reduction, pollution reduction, greening, and growth. Second, it fully implements dual control over total carbon emissions and intensity. It should be noted that the shift from dual control of energy consumption to dual control of carbon emissions does not mean a relaxation of energy conservation efforts. Energy conservation remains the most direct, economical, and effective way to reduce carbon emissions.On March 7th, Zheng Bei, Vice Chairman of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan has added an indicator for the proportion of nursing care beds in elderly care institutions, guiding these institutions to provide more high-quality nursing services and better meet the care needs of disabled and cognitively impaired elderly people. Simultaneously, an indicator for increasing the enrollment rate of infants under 3 years old in childcare facilities has been set, comprehensively reflecting the degree to which childcare needs are met and enhancing the publics sense of gain.On March 7, Zheng Bei, Vice Chairman of the National Development and Reform Commission, stated at a press briefing held by the State Council Information Office that the draft outline of the 15th Five-Year Plan has four key characteristics: First, in terms of planning and positioning, it emphasizes building on past achievements and laying a solid foundation for future development, while also focusing on comprehensive efforts. Second, in terms of development orientation, it closely adheres to high-quality development, emphasizing structural optimization and quality improvement. Third, in terms of task arrangement, it strengthens practicality and effectiveness, focusing on precision, efficiency, and strong support. Fourth, in terms of value orientation, it upholds the principle of putting people first, emphasizing tangible results and effectiveness.Iranian President Pezechzian: We have no hostility toward countries in the Gulf region.March 7th - The recent volatile situation in the Middle East has led to sharp fluctuations in international precious metal prices. In just a few days, market sentiment in Shenzhens Shuibei district has shifted rapidly from "chasing the rise" to "wait-and-see." The volatile gold and silver prices have not only affected the retail sector but also the wholesale sector, with retailers across the country slowing down their purchasing, resulting in a sharp decline in wholesale gold and silver volume in Shuibei, Shenzhen. During interviews, reporters found that due to the recent extreme volatility in gold prices, many consumers have chosen to wait and see, leading to a significant drop in actual transaction volume in the gold recycling business. One gold recycling merchant stated, "Recently, price fluctuations have been quite large, and most people are still taking a wait-and-see approach, unsure of how gold prices will move forward. Business volume has decreased by about 50% compared to before the Lunar New Year."

The acceptance of Bitcoin by the Central African Republic perplexes the cryptoverse

Skylar Shaw

Apr 29, 2022 09:36


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Buying and selling goods and services using bitcoin, a digital money that resides on a shared ledger across a worldwide network of computers, requires a dependable, fast internet connection and broad access to computers or cellphones.


Despite this, the Central African Republic has an internet penetration rate of about 11%, or around 550,000 individuals online last year, according to the DataReportal website. According to the Economist Intelligence Unit, just around 14% of people have access to power, and fewer than half have a mobile phone connection.


Four analysts and crypto specialists stated that adopting bitcoin in one of the world's poorest nations, with low internet usage, extensive warfare, unreliable energy, and a populace that is mostly unaware of cryptocurrency, would be difficult.


In a statement released on Wednesday, the Central African Republic gave little information on how it intended to solve these issues. It did not reply to a request for comment from Reuters.


The decision, according to the government, made the Central African Republic one of the world's "most imaginative nations," but locals in Bangui, where most people use mobile money to purchase items and pay bills, were perplexed.


"What is Bitcoin?" you may wonder. "What can bitcoin offer to our country?" Auguste Agou, who operates a local forestry firm in Bangui, remarked on Thursday.


After El Salvador, the African country of 4.8 million people is the second in the world to use bitcoin.

A tiny but growing network of corporate and individual crypto users already existed before the Central American nation legalized bitcoin as legal cash in June. However, internet faults have hindered its usage in commerce.


"We do not expect widespread adoption of cryptocurrencies in the country, given the enormous barriers to adoption and risks associated with use, as well as the seemingly limited upsides," said Nathan Hayes, an analyst at the Economist Intelligence Unit.


Chainalysis, a crypto use tracker based in the United States, has no data on the Central African Republic, which has been wracked by turmoil for years and is home to Russian mercenaries assisting the government in its fight against rebel groups.

IMF CAUTION

Some argue that by embracing bitcoin, the Central African Republic is sending a statement about the Central African CFA franc, a regional currency managed by the Bank of Central African States (BEAC) and tied to the euro that is used by six countries.


The BEAC is required under the monetary union to keep at least 50% of its foreign assets with the French Treasury, a requirement that has been criticized as stifling economic growth.


According to Rahul Shah, director of financials equities research at Tellimer, Bangui's crypto move "reflects regional dissatisfaction about the usage of the CFA franc, with its colonial implications."


Other cryptocurrency supporters saw it as a criticism to the CFA franc.


"In terms of development, Central Africa is significantly behind," said Chris Maurice, CEO of crypto exchange Yellow Card Financial, which has roughly a million members in 16 African nations and is authorised to operate in the CFA franc region.


"To the French economic system, it's a gigantic middle finger."


On Wednesday, a BEAC representative told Reuters that it had not been informed in advance and that no answer had been received. On Thursday, the BEAC did not respond to calls for comment.


The International Monetary Fund (IMF), which had persuaded El Salvador to abandon its plan to declare bitcoin legal money in January, has expressed reservations about the Central African Republic's proposal.


"It's critical not to consider such things as a solution for the economic issues that our nations confront," IMF Africa Department Director Abebe Aemro Selassie said during a news conference on the organization's economic forecast for Sub-Saharan Africa.


"You must ensure that the legal structure, in terms of money flow transparency, and the governance framework that surrounds it, are all solidly in place."