The Central African Republic teases the “Project Sango” cryptocurrency centre
Plans for a “crypto centre” have been launched by the Central African Republic only a month after the country made bitcoin legal money.
According to a Monday post on the government’s official Facebook page, the plans have been called “Project Sango” and send visitors to a landing page at sango.org. Those who signed up for a waitlist were emailed a link to a 24-page online presentation outlining the planned initiative.
The president of CAR, Faustin-Archange Touadéra, did not respond to a request for comment on Twitter after learning about the Facebook post. Despite the fact that he had tweeted on Saturday with the hashtag #bitcoin that he would “very soon disclose the next planned phase.
It seems from the slideshow, which is loaded with pictures of skyscrapers and sailboats, that “the first legal crypto centre recognised by a country’s government” is the goal of the Sango project. It is CAR’s goal to create a Digital Nation Bank, facilitate land purchases using bitcoin, and establish a crypto wallet.
In addition to a “citizenship by investment” scheme, the government plans to encourage crypto enterprises’ access to natural resources including gold, diamonds and uranium, according to the briefing.
Agriculture accounts for the majority of the country’s gross domestic product (GDP), which places it among the world’s least developed economies. In 2020, CAR’s GDP was barely $2.38 billion, and the nation ranked at or near the bottom of the United Nations’ Human Development Index, according to World Bank data.
The Central African Republic (CAR) became the first African country to use bitcoin alongside the France-backed CFA franc last month.