Just a little after there was an agreement to legalize cryptocurrency, the landlocked country, the Central African Republic (CAR) unveiled plans to launch a crypto hub tagged Project Sango which would include an island and a digital wallet. As detailed, the hub will be a tool to attract crypto enthusiasts all over the world.
The African country had faced so much opposition to the legalization of Bitcoin (BTC) as a legal tender and the usage of other digital assets. Not deterred by the various resistance, CAR had gone ahead to legalize BTC, being the first African country to do that following El Salvador which was the first in the world to adopt the premier cryptocurrency.
As a step further into the digital space, the country has taken to different online platforms to publicize its recent addition. The ‘Project Sango’, which is the second language of the country (French is the first language), was declared on the official Facebook page of the CAR government.
The president of CAR, Faustin-Archange Touadera today also announced via his Twitter handle the latest digital infrastructure. In his own words, he referred to Project Sango as the “first concrete initiative” with respect to the Bitcoin adoption.
Following the unanimously adoption by the National Assembly of the #BTC legal tender status, we are pleased to showcase the first concrete initiative! It goes beyond politics&administration & has the potential to reshape #CAR’s financial system! #bitcoinhttps://t.co/1oxLHOen6q
— Faustin-Archange Touadéra (@FA_Touadera) May 24, 2022
Interested users were made to register and join a waitlist after which they were redirected to a presentation document that held further information on the mode of operation of the project.
The movement of this initiative was instigated by the National Assembly and thereafter, received adequate support from the presidency and the general government. The presidency stated that the hub will catalyze the BTC adoption in the country and give users a better experience.
Central African Republic Crypto Modules
Included in this phase, CAR is looking to explore the possibility of releasing a digital wallet that will be used for purchases and maybe paying taxes. Bringing real estate into the picture, the government wishes to inaugurate systems by which Bitcoin will be accepted as payment for land purchases.
Part of the presentation document shows the government’s plan to fortify its financial system by introducing a Digital Nation Bank. Foreign investors are also being enticed by the government through the introduction of citizenship by investment and a zero tax rate.