Key Insights:
• Central African Republic has legalized bitcoin in the country.
• The government intends to build a crypto hub in the country to attract the attention of global crypto enthusiasts.
• The crypto program has a digital wallet and crypto island.
Recently, the Central African Republic made bitcoin a legal tender in the country. Since then, it has been making plans to turn the country into a favorable hub for the development of crypto and blockchain companies. The government has shown that it is interested in the growth of blockchain technology in the country.
Plans are on their way to promoting implementation of a new crypto project, Project Sango, in the country. Project Sango is expected to include a digital wallet and a crypto island.
With the decision to make bitcoin a legal tender in the Central African Republic, the attention has been cast on the country, and investors are thinking of becoming involved in the country to develop blockchain technology.
The crypto hub that the government intends to build will attract global crypto enthusiasts. Based on the post made by the government’s official Facebook page, users have to register at a landing page at sango.org.
They are expected to register to join the waitlist, and afterward, they were given a link to a 24-page online presentation that offered extra details on the proposed project.
At the moment, the Central African Republic’s president, Faustin-Archange Touadéra has not mentioned anything concerning Projet Sango on his social media pages. Instead, he tweeted that “very soon we will announce the next planned phase” with the hashtag #bitcoin.
The authorities intend to create a “citizenship by investment” program that offers investors access to citizenship in the CAR. Apart from the aforementioned, crypto firms will benefit from natural resources available in the country.
