Central African Republic launches Sango Project, Targets Wider Bitcoin Adoption

Key Takeaways

  • The Sango project includes building the world’s first legal Crypto Hub in the country, expanding Bitcoin adoption, and establishing a “Sango Island” with Metaverse features.
  • In the Sango Crypto Island, users will be allowed to manage their NFTs and have access to functionalities including marketplace, ownership, funding, and tokenization of assets.
  • In April 2022, CAR became the second country to adopt Bitcoin as legal tender

Central African Republic (CAR) has reinstated its positive stance towards digital assets by launching a crypto-currency initiative called the Sango Project. The project was launched at the Sango Genesis Event on Sunday.

The event saw Faustin-Archange Touadéra, President of the Central African Republic, members of his cabinet, and industry experts discuss the physical and digital infrastructure needed for the Central African Republic to enter the crypto space. Widely touted as the crypto initiative that could change Africa, the project includes building the world’s first legal Crypto Hub in the country, expanding Bitcoin adoption and establishing a “Sango Island” with Metaverse features.

In the Sango Crypto Island, users will be allowed to manage their NFTs and have access to functionalities including marketplace, ownership, funding, and tokenization of assets. According to the official website, the virtual representation of the Sango Metaverse ecosystem will be mapped 1:1 to reality. The Sango initiative targeted at developing the country’s blockchain infrastructure leverages bitcoin to increase financial inclusion across its citizenry.

CAR President Touadera plans to tokenize CAR’s mineral resources allowing investors to purchase non-fungible tokens in the minerals.  The President hopes to leverage Sango’s zero corporate and income tax rates and Bitcoin’s low transaction costs to transition its low-income bracket citizenry to using Bitcoin.

The country which is at the frontline of Crypto technology in the African continent is now working on developing a dedicated crypto framework by the end of 2022. In April 2022, it became the second country to adopt Bitcoin as legal tender officially.

Despite the ban on crypto currencies in countries including Egypt, Morocco, Nigeria crypto adoption has grown massively in the African continent in recent times, surging by 1,200% between June 2020 and June 2021. CAR’s crypto initiatives are echoing El Salvador’s steps towards country-wide crypto adoption. In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender.

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