Despite the recent market crashes, the Central African Republic or CAR is still pushing to integrate cryptocurrency into the country.
Last month, the Central African Republic announced its plan to follow El Salvador’s example and adopt Bitcoin as a legal tender for use in regular commerce and to pay for taxes.
The announcement divided opinions online, with two sides either praising or criticizing the decision. However, the government has remained firm on its stance, arguing that it would secure an independent financial future for the country.
Meanwhile, President Faustin-Archange Touadéra has moved the plans ahead, announcing that the government will launch its first significant crypto initiative, the “Sango Project.”
The Sango Project comes with a plethora of plans that are designed to attract global crypto businesses and enthusiasts.
According to its website, the project seeks to “pave the way to a digital future of endless possibilities,” combining Bitcoin initiatives with Non-Fungible Tokens and metaverse pilots.
The announcement came on Monday that Sango will launch with the Sango Genesis event, which will kick off the country’s plan to turn CAR into a crypto hub that attracts investors worldwide.
President Faustin-Archange Touadéra emphasized his commitment on Twitter.
“With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech,” he wrote. “Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on sango.org.”
The President later shared a press release about the “tokenizations” of the country’s natural resources. He also said that the conference will be the “most revolutionary in the history of blockchain technology and the Web3.”
Apart from the legal crypto hub CAR is borrowing from El Salvador, the country also plans to build a “Bitcoin city.”
Sango’s plans include the development of a virtual “crypto island,” which will be a special economic zone within the metaverse.
President Faustin-Archange Touadéra defended the decision, telling people online that understanding Bitcoin’s disruptive power is crucial.
Despite their decision, the World Bank disapproved of the regulation of Bitcoin as a legal tender. Furthermore, the bank stated it would not be supporting the country’s Sango venture.
Opinions expressed by NY Weekly contributors are their own.