The President of the Central African Republic (CAR), Faustin-Archange Touadéra, has declared that his country’s developing crypto center will open on July 3rd. The initiative (also known as the “Sango” project) aims to employ blockchain technology to make CAR the most “progressive” economy in Africa.
President Toudéra announced the news in a tweet on Monday, reiterating his commitment to making Bitcoin legal tender.
The Central African Republic surprised the world in April when the President signed a crypto legal framework into law, establishing Bitcoin as an official currency. This meant that the government would handle Bitcoin similarly to the historic CFA franc, which was exempt from capital gains tax and could be used to meet other tax responsibilities.
A month later, the President introduced the Sango project, which aims to transform the Central African Republic into a “crypto hub” that attracts investors from all over the world. Among its sub-projects will be the establishment of a crypto national bank, the development of a state-sponsored lightning wallet, and the exemption of crypto exchanges from taxation.
The initiative will also include the “tokenization” of the country’s natural resources. More information will be given on July 3rd at 7 p.m. CET at the Sango Genesis Event, which the president has described as the most “revolutionary” conference in the history of “blockchain technology” and “Web 3.”
Central African Republic’s authorities reportedly worked around both its regional Central Bank and the World Bank when it adopted Bitcoin. The latter confirmed that it will not support the Sango project with investments, though it did offer a $35 million loan to help “digitize” CAR’s public sector.
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