The Sango project plans include the construction of a “legal cryptocurrency centre”, the expansion of Bitcoin adoption and the creation of a “cryptocurrency island”, a special economic place in the metaverse.
The President of the Central African Republic Faustin-Archange Touadéra, has announced that the government will support an initiative focused on developing the country’s blockchain infrastructure.
In an announcement on Twitter on Monday, Touadéra said the RCA government would launch Sango, a cryptocurrency-related initiative proposed following the adoption of Bitcoin (BTC) as legal tender in April. According to the Sango website, the government intends to launch the programme during an event on 3 July at which the president, members of his cabinet and industry experts will discuss the physical and digital infrastructure needed for CAR to enter the cryptocurrency space and the legal structure for the country.
Project Sango’s plans include building a “cryptocurrency legal hub” aimed at attracting businesses and cryptocurrency enthusiasts from around the world, expanding Bitcoin adoption in the country and creating a virtual “cryptocurrency island”, a special economic zone in the metaverse that will apparently have an equivalent space in the physical world. According to Sango, the RCA plans to have a dedicated legal structure for cryptocurrencies by the end of 2022.
Touadéra said, “The ambitious strategy to rapidly build a successful economy can only rely on the new technologies that have taken the world by storm and taken money to another level, with Bitcoin as the watchword”.
Touadéra and RCA’s plans to embrace cryptocurrencies appear to follow in the footsteps of El Salvador, whose Bitcoin Law declaring the digital currency legal tender came into force in September 2021. The Latin American nation also announced plans to create its own “Bitcoin City” funded by USD 1 billion worth of BTC bonds, put on hold since June amid the bear market.