The Central African Republic’s president, Faustin-Archange Touadéra, has said that the government will support a project to build the nation’s blockchain infrastructure.
When the President approved a law establishing a legal framework for cryptocurrencies and designating Bitcoin as an official currency in April, CAR shocked the globe. This implied that Bitcoin would be treated by the government similar to the traditional CFA franc, which was free of the capital gains tax and could be used to settle other tax debts.
Touadéra said on Twitter on Monday that the CAR government would launch Sango, a cryptocurrency project that was proposed after the nation accepted Bitcoin (BTC) as legal tender in April. On July 3, the president, members of his cabinet, and business professionals will discuss the physical and technological requirements for the CAR to enter the crypto space as well as the legal framework for the nation. According to Sango’s website, the government plans to launch the program at that time.
The Sango project intends to establish a “legal crypto hub” to draw in companies and international crypto enthusiasts, increase the use of Bitcoin in the nation, and establish a virtual “crypto island” — a special economic zone in the metaverse that will appear to correspond to a location in the real world. By the end of 2022, the CAR intends to have a specific legislative framework for cryptocurrencies in place, according to Sando.
The adoption of Bitcoin in CAR seems to closely resemble that of El Salvador. Along with its state-sponsored wallet “Chivo,” the nation also made Bitcoin legal money in September. Furthermore, CAR’s “crypto island” effort, a large-scale endeavor to establish a distinctive investment site devoted to crypto technology, is similar to El Salvador’s intentions to construct “Bitcoin City.”
