CAR to establish a cryptocurrency hub and enter the metaverse

The authorities of the Central African Republic (CAR) will launch the Sango programme, which will help the country enter the cryptocurrency industry. This was stated by head of state Faustin-Archange Touadéra.

With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech.
Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on https://t.co/LIQiKGhcBS. pic.twitter.com/7u6knv5f6w

— Faustin-Archange Touadéra (@FA_Touadera) June 27, 2022

On 3 July, during the Sango Genesis event, officials and industry experts will discuss the CAR’s legal framework, as well as physical and digital infrastructure.

The initiative envisages creating a ‘legal cryptocurrency hub’ aimed at attracting businesses and participants in the industry. The programme also envisages expanding the adoption of blockchain technology and the emergence of a special economic zone in the metaverse.

‘An ambitious strategy for rapidly building a successful economy can rely only on new technologies that have stormed the world and taken money to a new level, with Bitcoin as a slogan,’ said Touadéra.

In April CAR approved the first cryptocurrency as legal tender alongside the local franc. The country followed the example of El Salvador, which legalized Bitcoin in September 2021.

In IMF has repeatedly criticised El Salvador’s decision and urged to abandon it. In May the organisation said that adopting Bitcoin as a means of payment would entail problems for both the CAR and for the region.

Back in June, Touadéra spoke about plans to tokenize the country’s natural resources and open access to them for companies involved in the crypto industry.

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