Through a document published on the social network Facebook, the president of the Central African Republic, Faustin-Archange Touadéra, announced that he will soon launch the Sango project. An initiative with which he plans to attract investors from the bitcoin (BTC) sector and cryptocurrencies in the country.
Among the measures that the Touadera government intends to take with this initiative is that of allow the purchase of land with BTCalso eliminating the collection of income tax to investors, among other advantages, according to a document from the Sango.org website.
Additionally, they assure that through the Sango project they will build “the first legal cryptographic center recognized by the parliament of a country”, which includes the creation of a Digital Bank of the Nation. The idea is to facilitate the execution of operations with cryptocurrencies.
Sango will also guarantee companies in the cryptocurrency industry that wish to invest in their country, access to natural resources such as hydrocarbons, gold, diamond, coltanamong others.
The initiative will have legal recognition that will allow the government to declare an “economic crypto zone” and will also have the support of a Web3-based meteverse. There users are expected to manage the virtual economy through cryptocurrencies, tokenized goods and non-fungible tokens (NFTs).
“Sango’s goals are the most ambitious and idealistic in the world of cryptocurrencies, the only ones that really materialize, unlike others that have never gone beyond mere declarations,” it is noted in a additional text on the project signed by the president.
This proposal from the Central African Republic comes from just one month after passing a law by which the country adopts bitcoin as legal tender, being mandatory to accept payments in cryptocurrencies throughout the Central African Republic, as reported by CriptoNoticias.
plan weaknesses
Although the Central African president’s proposal shows enormous benefits in attracting investors, the document does not stipulate a date on which what is stated in the document can materialize.
Additionally, one of the biggest gaps in the plan is found in the Internet connection, an essential resource for the operation of the Bitcoin network.
In this regard, a study reported by CriptoNoticias showed that there are approximately 355,000 internet users throughout the Central African territory. This is equivalent to less than 8% of the entire population of the republic, which would mean that more than 90% of its inhabitants would not have the possibility of using bitcoin as a payment method.
To carry out transactions with digital assets it is necessary to have an electronic device, a wallet of cryptocurrency and, of course, Internet connection to be able to receive or send payments with bitcoin.