Central African Republic president launches crypto initiative following Bitcoin adoption

Central African Republic president launches crypto initiative following Bitcoin adoption

ByNews Polite

Faustin-Archange Touadéra, president of the Central African Republic, has announced the government will be backing an initiative centered around developing the country’s blockchain infrastructure.

In a Monday announcement on Twitter, Touadéra said the CAR government would be launching Sango, a crypto initiative proposed following the country’s adoption of Bitcoin (BTC) as legal tender in April. According to Sango’s website, the government intends to launch the program during a July 3 event in which the president, members of his cabinet and industry experts will discuss the physical and digital infrastructure needed for the CAR to enter the crypto space, as well as the legal framework for the country.

The Sango project’s plans include building a “legal crypto hub” aimed at attracting businesses and global crypto-enthusiasts, expanding the adoption of Bitcoin in the country, and creating a virtual “crypto island” — a special economic zone in the metaverse that will seemingly have an equivalent space in the physical world. According to Sando, the CAR plans to have a dedicated legal framework for crypto in place by the end of 2022.

“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.

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

Touadéra’s and the CAR’s plans to adopt crypto seem to be emulating those 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 town Bitcoin City funded by $1 billion worth of BTC bonds, placed on hold as of June amid the bear market.