Shortly after approving Bitcoin (BTC) as legal tender in the Central African Republic (CAR), the local government is moving to provide the digital currency infrastructure.
CAR President Faustin-Archange Touadera took to Twitter on May 24 to announce the upcoming launch of the country’s first major crypto initiative dubbed “Sango.”
The creation of the CAR’s crypto hub comes soon after the National Assembly unanimously adopted Bitcoin as legal tender, Touadera noted.
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
The CAR’s presidency previously introduced the Sango project as the legal cryptocurrency investment platform on the government’s official Facebook page on May 24. The Sango platform is positioned as CAR’s “first crypto initiative” and is called by the name of CAR’s second official language after French.
According to the official Sango website mentioned in the statement, the Sango platform was initiated by the National Assembly and is supported by the CAR government and the president.
“The construction of the first legal crypto hub in the heart of Africa will improve crypto experience by taking Bitcoin adoption to the next level, potentially bringing the most unconventional space in the world,” the presidencial statement reads.
Touadera pointed out that the adoption of Bitcoin provides “unimaginable possibilities” for the country’s development and transformation, stating:
“The crypto hub, Bitcoin […] and crypto are the tools that will redesign the future of our country. Sango can usher in a new economic era with enormous potential, which neither Africa nor the rest of the world have imagined.”
The president also said that his greatest wish is that the Sango project makes crypto accessible to all, creating an international case of how crypto benefits become vectors of economic performance of the country. “The formal economy is no longer an option,” the president reportedly noted, adding that new platforms like Sango aim to tackle bureaucracy and promote competition.
Related: Crypto users in Africa grew by 2,500% in 2021: Report
CAR has become the first country in Africa to adopt Bitcoin as legal tender and the second country in the world to do so after El Salvador.
Amid the growing crypto adoption on the continent, a number of countries in Africa have been moving to adopt digital assets. In April, several African countries like Cameroon, the Democratic Republic of the Congo and the Republic of the Congo disclosed plans to adopt the TON blockchain as the cryptocurrency and blockchain to drive future national economic progress.
The Central African Republic (CAR) is set to launch the world’s first official cryptocurrency hub called ‘Sango’. The new hub will be based in the capital city of Bangui and seek to promote the adoption of cryptocurrencies and blockchain technology in central Africa.
CAR is one of the poorest countries in the world, having been plagued for decades by civil war and political instability. In recent years, the country has seen some economic progress due to investments from foreign donors and the emergence of entrepreneurs in the cryptocurrency space.
The launch of the Sango hub is expected to further spur economic growth in the country by providing education and training services to those interested in learning more about cryptocurrency and blockchain technology. It will also act as a platform for the development of new digital solutions that can help the people of CAR achieve greater social, political, and economic well-being.
The Sango hub is set to feature a state-of-the-art operational center which will focus on four key aspects: blockchain education, exchanges and transactions, cryptocurrency investment, and blockchain-driven innovative solutions. The hub will also serve as a research and development center, where blockchain experts can work together to develop new solutions for the country.
The official launch of Sango comes at a time when the world is undergoing rapid changes brought about by the ongoing digital revolution. Central Africa is not exempt from this trend, and with the creation of the new hub, the country has the opportunity to leverage cryptocurrency and blockchain technology to drive economic growth and improve the lives of its citizens.
This is an exciting development for the Central African Republic and its citizens, as it provides an opportunity to participate in the digital economy, help the local economy grow, and create some much needed jobs. With the launch of Sango, the country stands to benefit from the numerous opportunities offered by the cryptocurrency space, and this could be the beginning of an era of economic prosperity in Central Africa.