24/7 Cryptocurrency News

Central African Republic Pushes Crypto Adoption Despite Market Crash

Central African Republic's President Faustin-Archange Touadera announced the "Sango Project" crypto initiative.
Published by
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.

Advertisement

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.

Advertisement

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.

Advertisement

Share
Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025
  • 24/7 Cryptocurrency News

‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications

Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…

October 4, 2025
  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown

Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…

October 4, 2025
  • 24/7 Cryptocurrency News

FLOKI Makes History With First ETP in Europe as Price Surges 30%

FLOKI has announced the launch of the first BNB chain exchange-traded product (ETP) in Europe.…

October 4, 2025