The Central African Republic has been making moves to integrate cryptocurrency into its economy. This week, the country’s president announced that his administration plans on embracing digital currencies.
Last month, the Central African Republic announced that it will be following El Salvador’s example and adopting Bitcoin as a legal tender for use in regular commerce. This decision should help promote economic growth.
The decision to introduce a new currency has been widely criticized by many people while others praised it. Regardless of the opinions, the government believes that it could secure an independent financial future for the country.
Meanwhile, President Faustin-Archange Touadéra has announced that he will launch a major crypto initiative called “Sango Project.”
With their plethora of plans, the Sango Project is designed to attract global crypto businesses and enthusiasts.
The project seeks to pave the way for a digital future of endless possibilities, combining Bitcoin initiatives with Non-Fungible Tokens (NFTs) and metaverse pilots.
With the recent announcements of Sango’s launch and plans for crypto-based investment in CAR, it is clear that this country wants to become a leading hub for investors.
The President has been clear about his commitment to cryptocurrency on Twitter.
“With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech,” he wrote. “Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on sango.org.”
The President later shared a press release about the “tokenizations” of the country’s natural resources. He also said that this conference will be revolutionary for blockchain technology and Web3.
Sango plans to create a crypto island within the metaverse. This will be an economic zone where virtual properties can have special status and thrive.
President Touadéra defended the decision to legalize Bitcoin as an official currency, telling people online that understanding its disruptive power is crucial.
The World Bank has disapproved of any regulation or acceptance as a legal tender for Bitcoin. They state that they will not be supporting Sango’s venture with these cryptocurrencies.