The Central African Republic (CAR) created the Sango crypto hub initiative, which is funded by the government, to promote the expansion of the local cryptocurrency ecosystem.
After the CAR proclaimed Bitcoin (BTC) to be legal tender in April, the Sango project was started. 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. The Crypto Island and Sango Coin are two metaverse platforms that are currently under development.
The Sango project follows the CAR’s adoption of Bitcoin (BTC) as legal tender in April.
In addition to accelerating local BTC acceptance and supervising the implementation of crypto legal frameworks and infrastructure, the project intends to draw enterprises and international crypto talent and enthusiasts. Sango Coin and The Crypto Island are two metaverse platforms that are currently under development.
President Faustin-Archange Touadéra gave a speech at the inaugural event on Sunday outlining the goals for Sango, which include having a "single cryptocurrency and an integrated capital market that may boost commerce and sustain growth."
President Touadéra stressed the importance of financial inclusion and the need for citizens to easily have access to cryptocurrencies via smartphones as one of the main aspects of his speech. He made analogies to the underutilized CAR banking sector, which has a number of entrance barriers:
"The citizens will benefit on every level. They will live in a nation that has reached its full economic potential, which implies prosperity and jobs. Additionally, they will profit from virtual transactions since they offer faster access, quicker execution, less red tape, and lower costs than traditional banking.
"By cutting costs, this technology will give the continent a name. There is no time to wait because this vision is ideal. The formal economy is no longer an option for us, he continued.
In May, the World Bank said that due to issues with transparency and "possible ramifications for financial inclusion," it would no longer "support Sango."
Sango is supported by the National Assembly of the CAR and is primarily supported by President Touadéra. Despite the lack of many details, the project's main goal will be to tokenize the nation's enormous natural resources in order to increase investment access to them.
Additionally, citizen identity and asset ownership will be tokenized as a nonfungible token (NFT). Additionally, Crypto Island will be essential to the development of this ecosystem and provide access to tokenized assets for authenticated users.
A local wallet designed for Bitcoin and the Lighting Network will also be developed as a result of the increased Bitcoin support.