The Central African Republic is pushing to integrate cryptocurrency into its economy despite recent crashes.
Last month, the Central African Republic announced its plan to follow El Salvador’s example. Also adopt Bitcoin as a legal tender for use in regular commerce. The currency has been gaining traction with other countries looking at adopting it too.
The decision to announce this policy is meet with polarize opinions online. But the government has remain firm in their stance. They argue that it will secure an independent financial future for the country.
President Faustin-Archange Touadéra announced that the government will be launching its first significant crypto initiative, the “Sango Project.”
The Sango Project has a plethora of plans designed to attract global crypto businesses and enthusiasts.
The project seeks to create a new digital future, one that combines Bitcoin initiatives with Non-Fungible Tokens and metaverse pilots.
On Monday, it is announce that they will be launching with a special event in celebration for turning CAR into one crypto hub where investors can thrive.
President Faustin-Archange Touadéra made it clear that he is commit to the crypto 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. “The Sango Genesis Event, which is going to broadcast on July 3rd on sango.org, is open to everyone.
The President announced that this year’s blockchain conference will be the “most revolutionary in history” with tokenizations of the country’s natural resources.
In an effort to create a more sustainable future, Sango is planning on creating their own virtual “crypto island.” The plan would be for this special economic zone within the metaverse.
President Faustin-Archange Touadéra has defended the decision to educate people about Bitcoin. He said that understanding its disruptive power is crucial for future success in this new digital age.
However, despite their decision to regulate Bitcoin as a legal tender in the country of Suriname; the World Bank still disapproved and will not support this venture.