The Central African Republic Teases A Crypto Hub Called ‘Project Sango.’

Following the legalization of bitcoin in April, the Central African Republic has published online plans for a “crypto hub.” Project Sango’s ambitions include a “crypto island” and a digital wallet.

A month after legalizing bitcoin, the Central African Republic has announced plans to establish a “crypto hub” to lure worldwide crypto enthusiast.

According to a post on the government’s official Facebook page dated Monday that referred users to a landing page at sango.org, the plans have been called Project Sango. Users who registered for the waitlist were provided a link to a 24-page online presentation with more information on the planned initiative.

There was no corroboration of the Facebook post on the Twitter account of CAR President Faustin-Archange Touadéra. Despite the fact that he tweeted on Saturday with the hashtag #bitcoin that “very soon we will announce the next planned phase,”

The Sango proposal, according to the presentation, entails developing “the first legal crypto hub recognized by a country’s parliament.” CAR’s ambitions include establishing a Digital Nation Bank, allowing bitcoin land sales, and constructing a crypto wallet.

According to the presentation, the government will facilitate crypto enterprises‘ access to natural resources such as gold, diamonds, and uranium, as well as implement a “citizenship by investment” program with zero-rate income and company taxes.

The landlocked African country has one of the world’s least developed economies, with agriculture accounting for the majority of its GDP.

According to World Bank data, CAR‘s economic output in 2020 was only $2.38 billion, and the country ranks towards the bottom of the UN’s Human Development Index.

CAR became the first African country to embrace bitcoin as an official currency last month, alongside the France-backed CFA franc.

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