The Central African Republic To Launch The Sango Project in July
The President of the Central African Republic has announced that the Sango crypto initiative will be officially launched on 3rd July.
By Anna B Kiwanuka
Faustin-Archange Touadéra, President of the Central African Republic (CAR), has announced on Twitter that the Government will be launching Sango on 3rd July. The crypto initiative was proposed by the country after finally adopting Bitcoin (BTC) as legal tender.
The initiative is centered around developing the country’s blockchain infrastructure. According to Sango’s website, the government intends to launch the program during a July 3 event where 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 intends to establish a “legal crypto hub” to attract companies and international crypto enthusiasts and increase the use of Bitcoin in the nation. Through the project, the country will also establish a virtual crypto island, which will be a special economic zone in the metaverse that will seemingly have an equivalent space in the physical world.
By the end of 2022, the CAR also intends to have a specific legal framework for crypto.
“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.
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 country also revealed plans to build Bitcoin City, a municipality that would be financed by $1 billion in Bitcoin bonds that had been put on hold in June due to the bear market.