Central African Republic: President reveals launch date of Sango crypto hub

The President of the Central African Republic (CAR), announced that a hub crypto will launch on July 3. The initiative, also known as the Sango project aims to make the CAR the most “ progressive from Africa, through the use of blockchain technology. President Faustin-Archange Touadéra indeed revealed the news through a tweet on Monday, June 27, 2022. Tweet in which he reaffirmed his commitment to establishing bitcoin as legal tender. The African country would thus walk in the footsteps of El Salvador. The latter is the first country in history to have adopted BTC as its official currency.

The Central African Republic at the forefront of the legalization of Bitcoin with the hub Sango

Faustin-Archange Touadéra said: With bitcoin as legal tender and inspiration, our country is opening a new chapter in its inspiring journey towards a brighter future through blockchain technology. “. Thus spoke Touadera. The president of Centrafrique seems particularly enthusiastic about his country’s flagship project. A project already delayed…

The Sango project, an important project for the President of the Central African Republic

CAR took the world by surprise in April 2022 when the president signed a legal framework for cryptocurrencies. It also established bitcoin as the country’s official currency. This meant that the government would treat bitcoin like the old CFA franc, exempt from capital gains tax and usable to pay its other tax obligations. A month later, the president also announced the Sango project. A plan that aims to transform the Central African Republic into a “ cryptocurrency hub “. This must attract investors from all over the world. Some of its sub-projects will include establishing a national crypto bank, creating a state-sponsored flash wallet, and exempting crypto exchanges from taxes. In short, the Central African Republic seemed to follow the Salvadorian model.

the hub Sango will be the cornerstone of a crypto revolution for the Central African Republic according to its president

The project will even incorporate the tokenization of the country’s natural resources, according to a translation of the press release. More information will be revealed on July 3 at 7 p.m. at the Sango Genesis event, which the president called the most “conference revolutionary » from the history of the « blockchain technology ” and ” Web 3 “. The country goes so far as to use NFT blockchain technology to tokenize natural resources. Such an action would be a major development for an African country that can have large reservoirs of resources.

Although a bitcoiner report is not necessarily unanimous on the crypto situation in the Central African Republic, President Faustin-Archange Touadéra seems determined to bring his project to the end. And this despite the declared hostility of the IMF, which reacted in the same way as with El Salvador. If the creation of a major “hub” in the Central African Republic seems remote for the moment, the Sango project deserves to be watched with an attentive eye.

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Gregory Morat avatar

Gregory Morat

Student passionate about entrepreneurship and fascinated by the technologies behind cryptos! Yes, I am convinced that the two are intimately linked: blockchain and NFTs are revolutionizing many sectors and presenting unprecedented opportunities.

We want to say thanks to the author of this write-up for this remarkable content

Central African Republic: President reveals launch date of Sango crypto hub

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