The government of the Central African Republic (CAR) has announced the launch of the Sango crypto hub project. The Sango digital assets initiative is part of CAR’s drive to make the country a crypto hub in Africa following the adoption of Bitcoin as legal tender.
CAR Roll Out Crypto Ecosystem
The Central African Republic is building on its president’s vision of making the country a crypto hub in the African region. In addition, the Sango project followed a list of other initiatives President Faustin-Archange Touadera had in mind for CAR.
Accordingly, the president has unveiled the crypto regulatory mechanism and system established to get the project in motion. Furthermore, a metaverse ecosystem named “the Crypto Island” and a token called “Sango Coin” are part of the long-term strategy of CAR.
President Faustin-Archange Touadera believes that international investors and global talent will flock to CAR once the initiative is ready to leverage the project’s exciting prospects.
According to President Faustin-Archange Touadéra, who spoke at the inaugural event on Sunday, Sango’s goal is to create “a single cryptocurrency and an integrated capital market that may boost trade and sustain growth.”
Financial inclusion and the need to quickly allow citizens access to digital assets via a smartphone are two critical issues President Touadéra wants to achieve.
He compared it to the underutilized banking industry in the CAR, which has several access barriers:
“The citizens will benefit at every stage of the project’s implementation.” They will live in a nation that has reached its full economic potential with jobs and economic benefits.
Additionally, they will benefit from digital transactions since they offer faster access, quicker execution, less red tape, and lower costs than traditional banking. “
The CAR president is confident that the technology will give the continent a name by cutting costs. There is no time to wait because this vision is ideal. A formal economy is no longer an option for the country, added Touadera.
Gold served as the engine of our civilization for ages! In this new age, digital gold will serve the same for the future! @SangoProject is the foundation that we will build on, together as one! Our President is speaking at the #Sango Genesis Event, at 7PM: https://t.co/pdfamwRkz2
— Faustin-Archange Touadéra (@FA_Touadera) July 3, 2022
The World Bank Kicks Against CAR’s Crypto Adoption
In May, the World Bank revealed that it would not support the Sango project, citing worries about transparency and possibly excluding a greater percentage from mainstream finance. This comes despite the CAR’s president’s belief in the project and its supposed economic benefits.
President Touadéra is the main proponent of Sango and has the support of the National Assembly of the CAR. The project’s main goal will be to tokenize the nation’s abundant natural resources to increase investment access, even though many aspects are still to be worked out.
Additionally, CAR will implement the tokenization of citizen identity and asset ownership via non-fungible tokens (NFT).
As a mechanism for verified users to access tokenized assets, Crypto Island will also be a critical component of making CAR realize its goal.
Moreover, with the expansion of Bitcoin support in the transaction of goods and services, CAR wants to develop a local BTC wallet using the Lightning Network.
CAR is doing for Africa what El Salvador is to Latin America in terms of legalizing Bitcoin.