Central African Republic President Launches Crypto Initiative After Bitcoin Adoption

Faustin-Archange Touadéra, President of the Central African Republic, has announced that the government will support an initiative center...



Faustin-Archange Touadéra, President of the Central African Republic, has announced that the government will support an initiative centered on the development of the country’s blockchain infrastructure.

In an announcement Monday on Twitter, Touadera said the Central African government would launch Sango, a crypto initiative offers following the country’s adoption of Bitcoin (BTC) as legal tender in April. According to the Sango website, the government intends to launch the program at an event on July 3 where the president, members of his cabinet and industry experts will discuss the physical and digital infrastructure necessary for CAR to enter the crypto space, as well as the country’s legal framework.

Project Sango plans include building a “legal crypto hub” aimed at attracting global crypto businesses and enthusiasts, expanding Bitcoin adoption in the country, and creating a virtual “crypto island” – a special economic zone in the metaverse that will seem to have an equivalent space in the physical world. According to Sando, the CAR is considering having a legal framework dedicated to crypto in place at the end of 2022.

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

Related: Crypto users in Africa grew by 2,500% in 2021: Report

Touadéra and CAR’s plans to adopt crypto appear to mimic those of El Salvador, whose Bitcoin law declaring legal tender legal tender came into effect in September 2021. The Latin American nation has also announced plans to create his city Bitcoin City financed by 1 billion dollars worth of BTC bonds, put on hold from June in the middle of the bear market.