The Central African Republic Aims to Establish Africa’s First Legal Bitcoin Investment Platform

The Central African Republic Aims to Establish Africa’s First Legal Bitcoin Investment Platform

May 25, 2022 Off By Roland G

The Central African Republic (CAR) is planning to open a cryptocurrency investment hub. The project’s name would be “Sango,” according to President Faustin-Archange Touadera’s statement on the country’s official Facebook page.

He said,

“The formal economy is no longer a viable alternative. We are trapped in systems that do not allow us to compete because of an impenetrable bureaucracy.”

On May 21, President Touadera hinted at the project with a tweet using the hashtag #Bitcoin, “very soon we will reveal the next planned phase.”

The team behind the Facebook post included a link to Sango’s landing page, where people could sign up for the waitlist. Those who join the waitlist will get an email with a link to a 24-page presentation. 

In addition, the document also details the project’s goals, which include establishing Africa’s first legal CryptoHub, advancing Bitcoin Legacy, and establishing Sango – The Crypto Island. 

Furthermore, the document also states that the country intends to build a Digital Nation Bank, create a crypto wallet, and allow Bitcoin land purchases. This would allow crypto companies to access the country’s natural resources, and a “citizenship by investment” program with no taxes will be offered to attract overseas investors as well. 

The news comes after the Central African Republic declared Bitcoin legal tender, making it the second country after El Salvador.