Sango crypto hub goes live in the Central African Republic
The Central African Republic (CAR) has launched its new government-backed Sango crypto hub initiative to foster the development of the local digital asset sector.
The Sango project follows the CAR’s adoption of Bitcoin (BTC) as legal tender in April. The initiative aims to attract businesses and global crypto talent/enthusiasts, ramp up local BTC adoption and oversee the rollout of crypto regulatory frameworks and infrastructure. A Metaverse platform dubbed “The Crypto Island” and Sango Coin is also in the works.
Speaking at the launch event on July 3, President Faustin-Archange Touadera outlined the vision for Sango is to have a “common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth.”
One of the key points President Touadera emphasized was financial inclusion and the importance of citizens being able to gain access to crypto via a smartphone easily. He drew comparisons with the underutilized banking sector in CAR, which has several barriers to entry:
“This technology will give an identity to the continent by reducing cost. This vision is perfect, and we do not have the time to wait. [...] For us, the formal economy is no longer an option," he added.
Gold served as the engine of our civilization for ages! In this new age, digital gold will serve the same for the future! @SangoProject is the foundation that we will build on, together as one! Our President is speaking at the #Sango Genesis Event, at 7PM: https://t.co/pdfamwRkz2
Despite the CAR president’s bullishness for the project, the World Bank stated in May that it will not be “supporting Sango” over transparency concerns and “potential implications for financial inclusion.”
Sango is backed by the CAR’s National Assembly
Read more on cointelegraph.com
