The Central African Republic is still pushing to integrate cryptocurrency into the country, despite recent market crashes.
In May, the Central African Republic announced that it will be following El Salvador’s example and adopting Bitcoin as a legal tender for use in regular commerce. This means citizens can pay taxes using this new form of money.
The announcement was met with divided opinions online, but the government has remained firm on its stance. They argue that it will secure an independent financial future for the country.
President Touadéra has announced that the government will launch its first major crypto initiative called “Sango Project”.
One of the most popular features about Sango is its abundance in plans designed to attract global crypto businesses and enthusiasts.
This project seeks to pave the way for a world full of possibilities by combining Bitcoin initiatives with Non-Fungible Tokens (NFT) metaverse pilots, all while helping the country explore new frontiers in technology.
On Monday, it was announced that Sango will launch with the Genesis event and become a crypto hub attracting investors worldwide.
The President has sent a clear message that he stands by the cryptocurrency movement 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 how they are tokenizing the country’s natural resources. He also said that this will be “the most revolutionary conference in blockchain technology and Web3.”
In Sango’s vision for the future, there will be a special economic zone within this metaverse. This crypto island is meant as an opportunity to create businesses and create new jobs in what could otherwise just become another part of cyberspace like any other online community does today.
President Touadéra explained why he approved this decision by telling people online that understanding Bitcoin’s disruptive power is crucial.
Despite their decision, the World Bank still disapproved of Bitcoin as a legal tender. They also refused to support Sango’s venture with this decision.