Central African Republic president to support a crypto initiative called Sango

CAR President announced that the government is going to back an initiative called Sango to develop the country's blockchain infrastructure.
CAR President announced that the government is going to back an initiative called Sango to develop the country's blockchain infrastructure.

The Central African Republic (CAR) is in talks these days to adopt Bitcoin as its legal tender. Now, the president of the nation Faustin-Archange Touadéra has announced that the government is going to back an initiative called Sango to develop the country’s blockchain infrastructure.

Sango to establish a “legal crypto hub”

On Monday, Touadéra took the matter to Twitter and revealed that the CAR government would support the launch of Sango, a crypto project proposed after the nation’s BTC adoption in April. Sango’s website reads that the government plans to launch the initiative during a July 3 event. During the time, the president and his cabinet members, along with industry experts, will discuss the physical and digital infrastructure required for the CAR to maintain its position as a Bitcoin-supporting nation. The country is also working on a crypto-legal framework for its residents, which will also be discussed in the same meeting.

The Sango project intends to establish a “legal crypto hub” to attract companies and international crypto enthusiasts, increase the use of Bitcoin in the nation, and establish a virtual “crypto island” — a special economic zone in the metaverse that will appear to correspond to a place in the real world. 

Notably, according to Sango, the CAR intends to have a specific legislative framework for cryptocurrencies in place by the end of this year. With Bitcoin as a motto, Touadéra stated:

“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.”

The proposals for Touadéra and the CAR to adopt crypto appears to be based on those of El Salvador, whose Bitcoin Law made digital currency legal tender effective in September 2021. The Latin American country also revealed plans to build Bitcoin City, a town that would be financed by $1 billion in Bitcoin bonds that had been put on hold in June due to the bear market.