The Central African Republic (CAR) has launched a new government -backed Sango crypto hub initiative to boost the development of the local digital assets sector.
The Sango project follows on CAR adoption of Bitcoin (BTC) was a valid tender in April. At the initiative aims to attract business and global crypto talent / enthusiasts, increasing local BTC adoption and overseeing the launch of crypto regulatory frameworks and infrastructure. A Metaverse platform called “Crypto Island” and Sango Coin are also in the works.
Speaking at a launch event on July 3, President Faustin-Archange Touadera outlined his vision for Sango to have “a common cryptocurrency and an integrated capital market that can stimulate commerce and sustain growth.”
One of the important points that President Touadera emphasized was the financial inclusion and importance of citizens being able to gain access to crypto via smartphones easily. He compares it to the unused banking sector in CAR, which has a number of barriers to entry:
“Citizens will earn at every level, they will live in a country with complete economic development, which means employment and prosperity. In addition, they will benefit from virtual transactions that, unlike traditional banking, have the advantages of fast access, fast execution , less bureaucracy, and lower costs.
“This technology will give identity to the continent by reducing costs. This insight is perfect, and we don’t have time to wait. […] For us, the formal economy is no longer an option, ”he said.
Gold has been the engine of our civilization for centuries! In this new era, digital gold will serve the same for the future! @SangoProject as the foundation on which we will build, together into one! Our president spoke on #Sango Genesis event, 19:00: https://t.co/pdfamwRkz2
-Faustin-Archange Touadéra (@FA_Touadera) July 3, 2022
Despite the CAR president’s bullishness for the project, the The World Bank said in May that it will not “support Sango” on transparency issues and “potential implications for financial inclusion.”
Sango is supported by the CAR National Assembly and led primarily by President Touadera. While many specifics are not yet detailed, a significant focus of the project will be on tokenize the country’s abundant natural resources to open greater investment access for them.
Citizen identity and asset ownership will also be tokens as NFT. In addition, Crypto Island will play an important role in facilitating this ecosystem and serve as a way for verified users to gain access to token assets.
Expanded Bitcoin support will also see the development of local wallets built for BTC and light networks.
Looks like the Central African Republic plans to embrace the NFT and Metaverse after him #Bitcoin legal tender law. Sango’s initiative is designed to mark real -world assets, create digital identities for ownership, all of which will be represented in the Metaverse. pic.twitter.com/jucxKsoYHd
– Derek Ross ⚡5️⃣ (@derekmross) July 2, 2022