The President of the Central African Republic introduces the crypto project after Bitcoin’s introduction
Plans for the Sango project include constructing a “legal crypto center,” growing Bitcoin usage, and establishing a “crypto island” – a special economic zone.
The president of the Central African Republic, Faustin-Archange Touadéra, has declared that the government would support a blockchain infrastructure development program.
Touadéra announced on Twitter on Monday that the CAR government will be launching Sango, a crypto venture introduced after Bitcoin (BTC) was adopted as legal cash in April. According to Sango’s website, the government plans to launch the program at an event on July 3 at which the president, members of his cabinet, and industry experts will talk about the physical and digital infrastructure necessary for the Central African Republic to enter the crypto space, as well as the country’s legal framework.
Plans for the Sango project include constructing a “legal crypto center” to attract enterprises and worldwide crypto-enthusiasts, growing Bitcoin usage in the nation, and developing a virtual “crypto island” — a unique economic zone in the metaverse that would resemble a real location. By the end of 2022, according to Sando, the CAR intends to have a specialized legislative framework for cryptocurrencies in place.
“The ambitious vision to rapidly establish a prosperous economy can only depend on new technologies that have taken the globe by storm and elevated money to a new level, with Bitcoin as the guiding principle,” said Touadéra.
Touadéra and the Central African Republic seem to be copying El Salvador, whose Bitcoin Law designating the digital currency legal money took effect in September 2021. The Latin American country has revealed plans to build Bitcoin City using BTC bonds worth $1 billion, which have been on hold since June due to the bad market.