central african republic

President of the Central African Republic starts a cryptocurrency project after Bitcoin adoption

Building a “legal crypto centre,” increasing the use of Bitcoin, and developing a “crypto island” – a distinct economic zone in the metaverse — are all part of the Sango project’s ambitions.

The Central African Republic’s president, Faustin-Archange Touadéra, has said that the government will support a project aimed at building the nation’s blockchain infrastructure.

Touadéra said on Twitter on Monday that the Central African Republic government would launch Sango, a cryptocurrency project that was proposed after the nation accepted Bitcoin (BTC) as legal tender in April. On July 3, the president, members of his cabinet, and business professionals will discuss the physical and technological requirements for the CAR to enter the crypto space as well as the legal framework for the nation. According to Sango’s website, the government plans to launch the programme at that time.

central african republic

The Sango project intends to establish a “legal crypto hub” to draw in companies and international crypto enthusiasts, increase the use of Bitcoin in the nation, and establish a virtual “crypto island” — a special economic zone in the metaverse that will appear to correspond to a location in the real world. By the end of 2022, the CAR intends to have a specific legislative framework for cryptocurrencies in place, according to Sando.

“The ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword,” said Touadéra.

The proposals for Touadéra and the CAR to adopt cryptocurrency appear to be models after those of El Salvador, whose Bitcoin Law made digital currency legal money effective in September 2021. The Latin American country also revealed plans to build Bitcoin City, a municipality that would be financed by $1 billion in Bitcoin bonds that had been put on hold in June due to the bear market.

Source: Cointelegraph

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