Faustin-Archange Touadéra, the president of the Central African Republic, has announced that the government will finance an initiative to develop the country’s blockchain infrastructure.
In an announcement on Twitter on Monday, Touadéra said the government of the Central African Republic will launch a crypto initiative called Sango, which was proposed after the country introduced Bitcoin (BTC) as legal tender in April. According to Sango’s website, the government plans to officially launch the program at an event on July 3. At the event, the president, members of his cabinet and industry experts want to talk about the physical and digital infrastructure that the TSAR needs to enter the crypto space, as well as the legal framework for the country.
The Sango project envisages the construction of a “legal crypto center”, which should attract companies and crypto enthusiasts from all over the world. In addition, as part of the project, the acceptance of Bitcoin in the country is to be promoted and a virtual “crypto island” is to be set up. This serves as a special economic zone in the metaverse, which will probably also have a counterpart in the real world. The Central African Republic plans to develop its own regulatory framework for crypto by the end of 2022.
“The ambitious strategy for the rapid construction of a successful economy can only be based on new technologies that have taken the world by storm and raised money to a new level, first of all Bitcoin,” said Touadéra.
With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech.
Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on https://t.co/LIQiKGhcBS . pic.twitter.com/7u6knv5f6w
– Faustin-Archange Touadéra (@FA_Touadera) June 27, 2022
The plans of Touadéra and the Central African Republic with regard to cryptocurrencies are apparently closely based on the plans of El Salvador. In September 2021, the so-called Bitcoin Law came into force, with which the digital currency was declared a legal tender. The Latin American country also announced that it would build its own Bitcoin city. This is to be financed with BTC bonds worth 1 billion US dollars. However, due to the current bear market, these plans have been postponed.