New Crypto Hub for Central African Republic; Here’s what’s next

ambcrypto.com:

The Central African Republic (CAR) has launched the Sango crypto-hub initiative. It is funded by the government to promote the expansion of the regional market for digital assets. The Sango initiative has been introduced following CAR’s acceptance of Bitcoin as legal tender in April.

The project aims to attract businesses, international crypto-talent, and enthusiasts, in addition to quickening local BTC adoption and overseeing the establishment of crypto-legal frameworks and infrastructure. Additionally, under construction are Sango Coin and “The Crypto Island”  – A Metaverse platform.

The mission of Sango, according to President Faustin-Archange Touadera, is to create a “single cryptocurrency and an integrated capital market that may encourage commerce and sustain growth.” Financial inclusion and the significance of enabling quick access to cryptocurrencies via a smartphone were two of the main issues President Touadera stressed.

He said,

“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”

According to information on the project website, investors would be able to finance mining projects and invest in the nation’s resources.

Mining companies can also issue digital tokens backed by commodities like gold or other minerals to raise money and pay for their operations.

Along with the project’s inauguration, a national agency for the regulation of electronic transactions and a national digital bank will be created. Additionally, the government wants to give Bitcoin