Central African Republic launches the Sango project
July 5, 2022 5:22 AM
Central African Republic (CAR) believes that the Sango crypto hub project will boost financial inclusion by removing the barriers to entry in the banking space.
The Central African Republic (CAR) has reportedly launched its new government-backed crypto hub called 'Sango' to improve financial inclusion in the region.
In April the CAR adopted Bitcoin (BTC) as a legal tender and have now launched what they call the Crypto Island in the Sango project to attract businesses and global crypto enthusiasts, ramp up local Bitcoin (BTC) adoption and oversee the rollout of crypto regulatory frameworks and infrastructure in the country.
President Faustin-Archange Touadéra while speaking on the launch event on Sunday, outlined that the vision for Sango is to have a “common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth in the region.”
Touadéra, the CAR's President emphasized on some points while speaking on the launch event. He hinted on financial inclusion and the importance of the Central African Republics citizens being able to gain access to crypto via a smartphone easily.
“CAR's citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”
However, the World Bank in May stated that its not in support of "Sango” due to transparency concerns and “potential implications for financial inclusion despite President Touadéra bullishness on the project.”
The Sango project is backed by the Central African Republic's National Assembly and is being pushed primarily by President Touadéra. While many specifics are yet to be detailed, a significant focus of the project will be to tokenize the country’s rich natural resources to open up greater investment access to the region.