Soon after the approval of bitcoin (BTC) as legal tender in the Central African Republic (CAR), the local government is moving to provide a digital currency infrastructure.
CAR President Faustín-Arcanz Toudera announced the upcoming launch of “Sango”, the country’s first major crypto initiative, on Twitter on May 24.
Todera said that the creation of CAR’s Crypto Hub happened soon after the National Assembly unanimously adopted bitcoin as legal tender.
After unanimous adoption by the National Assembly of #B T c Legal tender status, we are pleased to demonstrate the first concrete initiative! It is beyond politics and administration and has the potential to reshape #carof the financial system! #bitcoinhttps://t.co/1oxLHOen6q
— faustin-arcange touadera (@FA_Touadera) 24 May 2022
The chairmanship of CAR previously launched the Sango project as a legal cryptocurrency investment platform on the government’s official Facebook page on 24 May. The Sango platform is touted as CAR’s “first crypto initiative” and is touted as the second official language of CAR after French.
“Building the first legal crypto hub in the heart of Africa will improve the crypto experience by taking bitcoin to the next level, potentially bringing the most unconventional places in the world to the next level,” the president said in a statement.
Toudera pointed out that the adoption of bitcoin offers “unimaginable possibilities” for the country’s growth and transformation, adding:
“Crypto Hub, Bitcoin” […] And cryptos are tools that will reshape the future of our country. Sango could usher in a new economic era with immense potential that neither Africa nor the rest of the world had envisioned.”
The President also stated that his greatest desire is that the Sango project makes crypto accessible to all, making an international case for how crypto profits become vectors of a country’s economic performance. “The formal economy is no longer an option,” the president reportedly said, adding that new platforms like Sango aim to tackle bureaucracy and boost competition.
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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 cryptocurrencies on the continent, many countries in Africa are moving to adopt digital assets. In April, several African countries such as Cameroon, the Democratic Republic of the Congo and the Republic of the Congo revealed plans to adopt the TON blockchain as a cryptocurrency and blockchain to drive future national economic progress.
