Crypto News: CAR President Launches Crypto Initiative Following Bitcoin Adoption

Crypto News – The Central African Republic’s president, Faustin-Archange Touadéra, has said that the government will support a project aimed at building the nation’s blockchain infrastructure.

iexclusivenews reports that Touadéra said on Twitter on Monday that the CAR government will launch Sango, a cryptocurrency project that was proposed after the nation accepted Bitcoin (BTC) as legal cash in April.

This online news outlet understands that on July 3, the president, members of his cabinet, and business professionals will discuss the physical and technological requirements for the CAR to enter the crypto space as well as the legal framework for the nation. According to Sango’s website, the government plans to launch the program at that time.

The Sango project intends to establish a “legal crypto hub” to draw in companies and international crypto enthusiasts. Increase the use of Bitcoin in the nation, and establish a virtual “crypto island”.

A special economic zone in the metaverse that will appear to correspond to a location in the real world. By the end of 2022, the CAR intends to have a specific legislative framework for cryptocurrencies in place, according to Sando.

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“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.

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

Meanwhile, iexclusivenews Nigeria reports that the proposals for Touadéra and the CAR to embrace cryptocurrency appear to be models after those of El Salvador, whose Bitcoin Law made digital currency legal money effective 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.