In a time where the world is experiencing economic turmoil, one country has not let this get in their way of pushing for cryptocurrency adoption. The Central African Republic or CAR strives to integrate crypto into everyday life.
Last month, the Central African Republic announced that it will be following El Salvador’s example and adopt Bitcoin as a legal tender for use in regular commerce. This decision is expected to pave the way towards digitizing financial transactions across countries.
In a move that divided opinions online, the government announced its intention to establish cryptocurrency as an independent financial future for the country. The announcement was met with praise from some and criticism from others.
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President Faustin-Archange Touadéra and the government have announced that they will be launching a new cryptocurrency initiative called “Sango Project.”
With its plethora of plans, the Sango Project will surely attract global crypto businesses and enthusiasts.
The project seeks to build on the success of Bitcoin by combining it with Non-Fungible Tokens and metaverse pilots.
On Monday, it was announced that Sango will see the launch of their first event, which is set to kick off plans for turning CAR into a crypto hub that attracts investors worldwide.
With his tweet, President Touadéra has committed to the cryptocurrency movement.
“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 has announced that this conference will be the most revolutionary in history. The president shared a press release about tokenizations, which are seen as an important step for blockchain technology and Web3.
Sango’s plans include creating a special economic zone within the metaverse, which will be a “crypto island.”
President Faustin-Archange Touadéra understands that Bitcoin is more than just an investment, it’s revolutionary. He has been championing the cause for understanding and accepting its disruptive power.
The World Bank had reservations about regulating Bitcoin as a legal tender. The bank ultimately disapproved of Sango and would not be supporting it in any way.
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