The Central African Republic Teases A Crypto Hub Called 'Project Sango.'
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 $2.38 billion, and the country ranks towards the bottom of the UN’s Human Development Index.
CAR became the first African country to embrace bitcoin as an official currency last month, alongside the France-backed CFA franc.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Patrick
CoinCu News
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…
This website uses cookies.