Central African Republic president launches crypto initiative following Bitcoin adoption

President of the Central African Republic Faustin Archange Touadera has announced that the government will support an initiative to develop the country’s blockchain infrastructure.

Touadera announced Monday on Twitter that the CAR government would launch Sango, a cryptocurrency initiative created in response to the country’s April adoption of Bitcoin (BTC). According to Sango’s website the government plans to launch the program at a July 3 event where the president, members his cabinet, and industry experts will discuss both the physical and digital infrastructure required for the CAR in order to enter the crypto-space as well as the legal framework.

Sango’s plans include creating a “legal cryptocurrency hub” to attract businesses and crypto-enthusiasts from around the world, increasing adoption of Bitcoin in the country, as well as creating a virtual crypto island — an economic area in the metaverse that will appear to have an equivalent space in physical reality. Sando claims that the CAR will have a crypto-specific legal framework in place by 2022.

Touadera stated that the only way to build an ambitious economy quickly is to rely on new technologies. “With Bitcoin as a watchword, it’s possible to rely upon these technologies.

Our country is now able to open a new chapter in the inspiring #blockchain #tech journey with #Bitcoin as a #legaltender and inspiration. 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 Touadera (@FA_Touadera) June 27, 2022

Related: Crypto users in Africa increased by 2,500% in 2021: Report

Touadera and the CAR are planning to adopt crypto. They seem to be following the lead of El Salvador’s Bitcoin Law, which declared the digital currency legal tender in September 2021. The plans for the creation of a Bitcoin City in Latin America were also announced by the nation. However, this was put on hold due to the bear market.

https://cointelegraph.com/news/central-african-republic-president-launches-crypto-initiative-following-bitcoin-adoption