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According to a report by Reuters, the Central African Republic has announced plans to build a “crypto hub” to attract crypto investors and increase crypto use in the country.
Project Sango
The Central African Republic has announced aspirations to become a global crypto hub. Project Sango is the name given to the plans. The country’s government has produced a 24-page web presentation explaining the proposed project. It plans to build a Digital Nation Bank, make Bitcoin land purchases more accessible, and develop a crypto wallet.
According to the presentation, the government will facilitate crypto companies’ access to natural resources like gold, diamonds, and uranium and execute a “citizenship by investment” program with zero-rate income and corporate taxes to attract new citizens. The Sango plan calls for creating “the first legal cryptocurrency center authorized by a country’s government.”
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
Bitcoin adoption
Earlier this year, the Central African Republic became the first African country to adopt Bitcoin as a legal tender. This decision has led to concerns of the International Monetary Fund (IMF). It is not happy about the Central African Republic’s intention to legalize cryptocurrencies and accept Bitcoin as a legal tender.
El Salvador was the first country to embrace Bitcoin as a legal tender, allowing individuals to purchase goods and services in the cryptocurrency. However, skeptics have noted that Bitcoin’s adoption has been unsatisfactory thus far.
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