The country which has become a hot topic of discussion among crypto lovers after its massive Bitcoin adoption, the Central African Republic (CAR), has launched its government-backed crypto hub project Sango.
CAR president launches Sango initiative
As TheCoinRise reported late in June that the CAR president hinted at his support for Sango. However, no one was prepared for such a quick launch. The new crypto hub initiative aims to foster the development of the digital asset sector in the nation. The government intends to attract businesses and global crypto enthusiasts to accelerate local BTC adoption and oversee the upcoming crypto infrastructure and regulatory frameworks. The government is supporting several digital asset projects, including a metaverse platform called “The Crypto Island.”
Sango launch comes after April’s BTC adoption as a legal tender. The mission of the project, according to President Faustin-Archange Touadera, is to create a “common crypto and an integrated capital market that could stimulate commerce and sustain growth.” He made this statement during the Sango launch event on July 3.
Financial inclusion and the significance of enabling citizens to quickly access cryptocurrencies via a smartphone were two of the main points President Touadera stressed. He compared it to the underutilized banking industry in CAR, which has several entrance barriers:
“The [CAR] citizens will gain at every level; they will live in a country in full economic development, which implies employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”
Gold served as the engine of our civilization for ages! In this new age, digital gold will serve the same for the future! @SangoProject is the foundation that we will build on, together as one! Our President is speaking at the #Sango Genesis Event, at 7PM: https://t.co/pdfamwRkz2
— Faustin-Archange Touadéra (@FA_Touadera) July 3, 2022
He also added that blockchain technology gives an identity to the continent by reducing costs. He said that the “formal economy is no longer an option” for the government.
Similar to how El Salvador faced massive criticism from several regulatory agencies, CAR has also received some negative comments. However, the crypto community is solidifying its decision by praising it all over different social media platforms.