Central African Republic (CAR) To Launch First Crypto Hub

After accepting BTC as a legal currency the Central African Republic (CAR) is set to launch official crypto hub ‘Sango’
Central African Republic (CAR) To Launch First Crypto Hub
Central African Republic (CAR) To Launch First Crypto Hub

Central African Republic To Launch ‘Sango’

Soon after the Central African Republic (CAR) made Bitcoin (BTC) a legal form of currency, the government moved to set up the infrastructure for digital currency.

On May 24, the president of the Central African Republic (CAR), Faustin-Archange Touadera, used Twitter to announce that the country’s first major crypto project, called “Sango,” would soon be launched.

Touadera pointed out that the CAR’s crypto hub was set up soon after the National Assembly unanimously agreed to accept Bitcoin as legal currency.

— Faustin-Archange Touadéra (@FA_Touadera) May 24, 2022

CAR’s First Crypto Initiative

On May 24, the official government Facebook page was used by the Central African Republic (CAR) presidency to introduce the Sango project as the legal platform for investing in cryptocurrency.

The Sango platform is billed as CAR’s “first crypto initiative,” and its name comes from the country’s second official language, which is Sango.

The statement refers to the official Sango website, which says that the National Assembly came up with the Sango platform and that the CAR government and president back it.

“The construction of the first legal crypto hub in the heart of Africa will improve the crypto experience by taking Bitcoin adoption to the next level. It could be the most unusual space in the world,” says a statement from the presidency.

Touadera pointed out that the adoption of Bitcoin provides “unimaginable possibilities” for the country’s development and transformation, stating:

Central African Republic (CAR) To Launch First Crypto Hub
Faustin-Archange Touadera

“The crypto hub, Bitcoin […] and crypto are the tools that will redesign the future of our country. Sango can usher in a new economic era with enormous potential, which neither Africa nor the rest of the world have imagined.”

— Faustin-Archange Touadera, President Of CAR

The president also said that his biggest hope for the Sango project is that it will make crypto accessible to everyone, showing the rest of the world how crypto benefits can help the economy of a country.

“A formal economy is no longer an option,” the president is said to have said. He also said that new platforms like Sango are meant to cut down on red tape and boost competition.

El Salvador, CAR Accepts BTC As Legal Currency

CAR is the first country in Africa and the second country in the world, after El Salvador, to accept Bitcoin as legal currency.

Several African countries are moving to adopt digital assets as the number of people who use crypto on the continent grows.

In April, a number of African countries, including Cameroon, the Democratic Republic of the Congo, and the Republic of the Congo, said they wanted to use the TON blockchain as their national cryptocurrency and blockchain to help their economies grow in the future.