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Elon Musk’s Dogecoin Climbs down While Brazil, Buenos Aires, and The Central African Republic Accepts Bitcoin

Elon Musk

Elon Musk the Twitter owner and the richest man in the World was able to pump up his favorite meme coin Dogecoin nearly 26% in the last day.

That was clearly a sniper shot created in Dogecoin to help its pump up while other cryptocurrencies were dealing with a red candle. So it was because of Elon’s take over of Twitter.

Somehow many new investors had invested in Dogecoin at the moment they received the news about Twitter accepting Elon’s $46 Bid. They were able to witness a clear portfolio appreciation but just after a day they are now facing a significant 5% downfall.

 Yesterday we CoinWist just mentioned to you the risk of investing in a hype market that was inspired by a certain incident.

So new investors should be careful when they choose an investment option. Don’t go with the hype. Just do your analysis before moving forward.

This is a normal downfall because after having a sniper shot, the market climbed up so quickly now the Dogecoin market is recovering to its actual price and its correct margins.

The Dogecoin Market is still nearly down 80% from its all-time high. So we just need to wait and see what Elon Musk will do in the future. Elon Musk’s activities inspire the Crypto market in many ways. So the future of Dogecoin also depends on Elon Musk’s hands.

Brazil and The Central African Republic Joins The Party

Bitcoin world’s largest cryptocurrency is the main topic in most countries. Rich or poor many government heads are considering this Bitcoin.

SO Brazil the famous South American country has created history by accepting Cryptocurrency. Earlier today Brazil Senator Irajá Abreu mentioned that Brazil’s bill on regulating cryptocurrency has been approved by the government.

With this new bill acceptance, Brazil becomes the first South American country to accept and regulate cryptocurrency. Since 2015 the bill has been debated in the government. despite there being many problems it has been pushing back.

After having many rounds the bill has gone through the Brazil Senate’s Economics Committee and at end of 2022, the National Congress will finally pass the bill. The Chamber of Deputies in Brazil and Brazil’s president Jair Bolsonaro will be the final heads to sign this bill.

 Brazil officials stated that this law will give the power to the Brazilian President to establish a federal institution or a federal entity to maintain all cryptocurrency laws within the country.

As per reports Brazil’s Securities and exchange commission or the Central bank of Brazil will hold the responsibilities.

The laws will strickly prohibit legal activities and money laundering activities. A prison sentence will be a punishment for those who deal with illegal activities related to Bitcoin. Furthermore, the Brazilian government is looking forward to launching its official digital currency at the end of the year.

Along with Brazil, The Central African Republic President  Faustin Archange Touadera signed a Bitcoin proposal today morning.

After this Central African Republic will be using Bitcoin as a Legal Tender. So now after El Salvador, The Central African Republic will be the second country to officially adopt Bitcoin as a legal tender.

According to the Chief of Staff, Obed Namsio after signing the proposal the President will use Bitcoin to pay for the country’s goods and services. 

Gourna Zacko the Minister of Digital Economy post services and telecommunications and Calixte Nganongo the Minister of Finance and Budget, both were so keen on cryptocurrency that they were the first persons who filed a proposal on accepting Bitcoin.

Last week the country’s lawmakers approved the proposal and today morning president approved the proposal.

Buenos Aires the capital of Argentina is also having plans to accept cryptocurrency for tax payments. The Buenos Aires Mayor Rodrigues Larreta said they are not going to store Bitcoin but they will use bitcoin as payments and will accept bitcoin payments for tax payments. 

Under the mayor’s new plans he presented the project “Buenos Aires+” plan to simplify”  will make this Bitcoin accept true. He said “we want to continue modernizing. streamlining, making easier the way in which citizens and the private sector relate to the state.” 

As he added “Enough of wasting time, we must give it back to the people, to the private sector so that they can use it to work, to undertake, to develop, to generate work.  He has especially mentioned that

This does not mean that the City is going to have cryptocurrencies in its public accounts, but rather that through an agreement with the virtual wallets we are going to add a payment option to those we already have.

So today many incidents have happened in the Bitcoin market regarding these events. However, The Central African Republic is a very poor country with so much poverty and many crimes.

Most African counties are popular for money laundering also. IMF(International Monetary Foundation) is not happy with this decision. No one knows how will Central Africa is going to manage this.

Argentina is also currently suffering high inflation inside the county as Argentina remains in the 7th place with a 52% inflation in the top the high inflation countries.

They may use Bitcoin to bounce back but this will not be easy as a guess. It may be a risk to such governments because in those situations people won’t invest in those countries.

End of the Story

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