The Central African Republic (CAR) government plans to launch a dedicated crypto hub called “Sango” in the country. The decision comes just days after CAR adopted bitcoin as legal tender in April and became the first African country to do so. Faustin-Archange Touadéra, President of the Central African Republic officially announced the initiative on Twitter, along with a website address asking you to contribute to the Sango project or to register on its waiting list.
“Following the unanimous adoption by the National Assembly of the legal tender status of BTC, we are pleased to showcase our first concrete initiative,” the CAR president said in a tweet.
After unanimous adoption by the National Assembly of #BTC Legal tender status, we are pleased to offer our first concrete initiative! It transcends politics and management and has the power to reshape it #the carsFinancial system! # bitcoinhttps://t.co/1oxLHOen6q
– Faustin-Archange Touadéra (@FA_Touadera) May 24, 2022
The 24-page presentation, available on the Sango website, shows skyscrapers and lakes lined with sailboats.
Besides developing the infrastructure to sustain crypto businesses and activities, CAR is also looking to develop a government-backed crypto wallet as well as digital identity and proprietary solutions.
The presentation revealed that the Sango metaverse system as well as the NFT platform will be officially launched by CAR.
The country, which is said to have nearly five million residents, claims to be taking steps to make its region conducive to crypto activities.
CAR’s crypto support laws are said to now allow merchants and businesses to make crypto payments and make way for tax payments in crypto through authorized entities.
As Bitcoin adoption continues to grow, BTC has also been recognized by a special economic zone in Prospera as an accepted currency. Following the announcement, municipalities in Honduras are now allowed to issue bonds in BTC to attract foreign investment.
In September 2021, El Salvador became the first country in the world to declare Bitcoin as legal tender.
Salvadoran President Nayib Bukele said in November last year that the country plans to develop a tax-free “Bitcoin City.”
Other countries with small economies, which rely on remittances, are also turning to Bitcoin for the smooth cross-border exchange of funds that could raise their financial position.
A parliamentarian in Tonga, a Polynesian kingdom in the South Pacific, also urged authorities there to follow El Salvador in legalizing bitcoins to get rid of the high service fees charged by transferring money via Western Union when overseas expats attempt to send. Return money to relatives in Tonga.