Central African Republic Pushes Crypto Adoption Despite Market Crash

Central African Republic’s President Faustin-Archange Touadera announced the “Sango Project” crypto initiative despite the pressure due to the crypto market crash. The objectives of the initiative include establishing a crypto hub, increasing the Bitcoin legacy, and building a crypto island.

Central African Republic’s proposed project outlines the transformation of the country’s impoverished economy into a digital economy. The announcement of the Sango Project just a month after making bitcoin legal tender showcase the country’s eagerness in becoming a crypto hub in Africa.

Central African Republic Announces Next Phase of Crypto Plans

Central African Republic has launched Africa’s first crypto investment hub despite a warning from the IMF, reported Reuters on May 24.

The Sango Project is started by the Central African Republic’s National Assembly and is supported by the President. Investors can contribute and sign up to a waiting list on the Sango.org website. However, there are no details on the opening and operating of the crypto investment hub.

In fact, the Bitcoin law number 22 introduced on April 21 makes all crypto transactions tax-free and urges the establishment of the National Agency for Regulation of Electronic Transactions.

Moreover, the legal framework for the Sango includes zero income and corporate taxes, online business registration, digital identity, and digital ownership recognized by government bodies. Crowd-funding for crypto infrastructure projects and tokenization framework for assets and country’s resources are also included.

Moreover, Central African Republic intends to create a digital national bank, Banque Nationale Digitale de la Republique Centrafricaine (BNDRC). The government will support access to the country’s natural resources, facilitate land acquisition in Bitcoin for global investors, and development of a crypto wallet.

The Sango island will be the “crypto economic zone” and the first in the Metaverse backed by reality, connecting the real world such as real estate and fractional ownership with a virtual world.

The Call to Action consists of embracing blockchain technology, wallet to store bitcoin, and digital identity and ownership solutions.

Economic Bodies Skeptical Over the Country’s Vision

Central African Republic’s plan to adopt bitcoin and establish a crypto hub raised questions as the country lacks internet use. Moreover, the Economic and Monetary Community of Central Africa has expressed a ban on cryptocurrencies as it disturbs financial stability in the region.