The Central African Republic is pushing to integrate cryptocurrency into the country despite recent market crashes.
Last month, the Central African Republic announced that they plan on adopting Bitcoin as a legal tender and tax payment system. This decision will allow residents to use bitcoin in regular commerce, which could increase its value over time.
The decision to make an announcement regarding the country’s future split opinions online. Some people praise it while others are critical, but there has been no change in government stance on its original plan for this decision.
President Faustin-Archange Touadéra announced that the government will be launching their first significant crypto initiative, called “Sango Project.”
The Sango Project is designed for businesses and enthusiasts who want to attract global crypto users.
The project seeks to “unite the world through blockchain,” combining Bitcoin initiatives with Non-Fungible Tokens and metaverse pilots.
Monday saw the announcement that Sango will launch with a Genesis event, which kicks off CAR’s plan to turn it into a crypto hub attracting investors worldwide.
President Faustin-Archange Touadéra made it clear that he would continue to invest in the future of cryptocurrency 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.”
In a press release, the President announced that he would be tokenizing the country’s natural resources. He also said this will bring blockchain technology to new heights and make it more revolutionary than ever before.
Sango’s plans include creating a virtual “crypto island,” which will be an exclusive economic zone inside the metaverse.
President Faustin-Archange Touadéra has defended the decision to legalize Bitcoin as a currency, telling people online that understanding its disruptive power is crucial.
The World Bank has issued a statement saying it does not approve of regulating Bitcoin as legal tender. The bank also says they will not be supporting Sango ventures in the country.