Central African Republic President Launches Crypto Initiative Following Bitcoin Adoption

Central African Republic President Launches Crypto Initiative Following Bitcoin Adoption

Faustin-Archange Touadéra, President of the Central African Republic, has announced that the government will support an initiative focused on developing the country’s blockchain infrastructure.

In an announcement made Monday on Twitter, Touadéra said that the government of the Central African Republic would launch Sango, an initiative related to cryptocurrencies proposal following the adoption of Bitcoin (BTC) as legal tender in April. According to the Sango website, the government intends to launch the program during an event on July 3 where the president, his cabinet members and industry experts will discuss the physical and digital infrastructure needed for the RCA enters the cryptocurrency space as well as the legal framework for the country.

Plans for the Sango project include the construction of a “cryptocurrency legal center” intended to attract businesses and crypto enthusiasts from around the world, expand Bitcoin adoption in the country, and create a virtual “cryptocurrency island,” a special economic zone in the metaverse that will apparently have an equivalent space in the physical world. According to Sando, the RCA plans to have a dedicated legal framework for cryptocurrencies by the end of 2022.

“The ambitious strategy to quickly build a successful economy can only be supported by the new technologies that have taken the world by storm and taken money to another level, with Bitcoin as the watchword,” Touadera said.

Touadéra and RCA’s plans to adopt cryptocurrencies appear to emulate those of El Salvador, whose Bitcoin Law declaring the digital currency legal tender came into force in September 2021. The Latin American nation also announced plans to create its $1 billion BTC bond-funded Bitcoin City, put on hold since June amid the bear market.

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