President of the Central African Republic outlines crypto project after Bitcoin adoption

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President of the Central African Republic outlines crypto project after Bitcoin adoption

President of the Central African Republic outlines crypto project after Bitcoin adoption
Source: CoinTelegraph
1656412560 28 Jun / 10:36

The president of the Central African Republic, Faustin-Archange Touadéra, has declared that the government will support a blockchain infrastructure development program.

Touadéra announced on Twitter that the CAR government would launch Sango, a crypto venture introduced after Bitcoin (BTC) was adopted as legal cash in April. According to Sango's website, the government plans to launch the program at an event on July 3, at which the president, members of his cabinet, and industry experts will discuss the physical and digital infrastructure necessary for the Central African Republic to enter the crypto space, as well as the country's legal framework.

Plans for the Sango project include constructing a “legal crypto hub” to attract enterprises and worldwide crypto-enthusiasts, growing Bitcoin usage in the country, and developing a virtual “crypto island” — a unique economic zone in the metaverse that would resemble a physical location.
By the end of 2022, according to Sando, the CAR intends to have a specialized legislative framework for cryptocurrencies in place.

“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.

Touadéra and the Central African Republic appear to be copying El Salvador, whose Bitcoin Law designating the digital currency legal money took effect in September 2021. The Latin American nation has revealed plans to build Bitcoin City using BTC bonds worth $1 billion, which have been on hold since June due to the poor market.

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