The central African Republic launches crypto initiative post Bitcoin adoption
CAR has replicated El Salvador's idea to develop a "bitcoin city" in addition to building a "legal crypto hub" recognised by a country's government
By Shashank Bhardwaj
The Central African Republic's (CAR) president, Faustin-Archange Touadéra, has declared that the government will work on a project, aimed at expanding the country's blockchain infrastructure, known as the "Sango project." The project concept includes several plans aimed at attracting worldwide crypto businesses and enthusiasts.
The announcement was made on Twitter by Touadéra on Monday. The initiative was made after the country adopted Bitcoin (BTC) as a legal tender in April.
According to its website, the Sango project is being developed with the objective to "pave the way to an unending digital future." The project seeks to conflate Bitcoin activities with non-fungible tokens (NFTs) and metaverse pilots.
The government plans to launch the initiative on July 3rd, through an event called the ‘Sango Genesis’ where the president, members of his cabinet, and industry experts will discuss the physical and digital infrastructure required for the CAR to enter the crypto arena, as well as the country's regulatory framework. The event will kick start the plans to transform CAR into a " legal crypto hub" that attracts investors from all around the world.
In a tweet, while talking about the aforementioned event, Touadéra said, “With Bitcoin as legal tender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via blockchain tech.” Touadéra also added, “The ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword.”
The project would also entail the "tokenisation" of the mineral-rich country's natural resources, according to a press release by CAR’s president. He also dubbed the conference the "most transformational in the history of blockchain technology and the Web3."
The Sango initiative intends to allow users to propose, view, and contribute to Sango island's future development. The goal is to connect the physical world to the metaverse representation while providing additional layers for future growth. It will also allow users to manage their NFTs in the metaverse to gain access to additional features such as the marketplace, ownership, and funding and permit the metaverse to mint NFTs.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
Institutions flocking to Ethereum for 7 straight weeks as Merge nears: Report