Central African Republic plans to launch a legal crypto hub following Bitcoin adoption
June 28, 2022 3:24 AM
The Sango project’s a "legal crypto hub," plans on expanding the adoption of Bitcoin, and creating a “crypto island” which is a special economic zone in the metaverse.
As previously reported by Coinnewsafrica, Faustin-Archange Touadéra, president of the CAR, initially announced that the government will be backing the 'Sango' initiative centered around developing the country’s blockchain infrastructure.
According to a Monday announcement on Twitter, the Central African Republic president said that the government would be launching Sango, a crypto initiative proposed following the country’s adoption of Bitcoin (BTC) as legal tender in April.
The CAR government plans to launch the program during a July 3 event in which the president, members of his cabinet and industry experts will discuss about the infrastructure needed for the CAR to enter the crypto space, as well as regulation for the country.
The Sango project’s aim includes building the first legal “crypto hub” to attract businesses and global crypto-enthusiasts, while promoting and expanding the adoption of Bitcoin in the country, and creating a virtual “crypto island” . According to Sango, the Central African Republic government plans to have a dedicated legal framework for crypto in place by the end of this year.
“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 president Touadéra.
CAR’s plan to adopt crypto seem to be following the footsteps of El Salvador, whose Bitcoin Law declaring the digital currency legal tender went into effect in September 2021. The Latin American nation also announced plans to create its own Bitcoin City funded by $1 billion worth of BTC bonds, but the project has been put on hold due to the current crypto market turmoil.