The President of the Central African Republic, Faustin-Archange Touadéra, said that the government would support the initiative to develop the country's blockchain infrastructure.
In a statement on Twitter on Monday, Touadéra said he would launch Sango, a proposed cryptocurrency initiative, after the Central African Republic government adopted Bitcoin (BTC) as the legal tender in April.
The President wrote about this in his tweet:
According to Sango’s website, the government intends to launch the program during a July 3 event in which the president, members of his cabinet and industry experts will discuss the physical and digital infrastructure needed for the CAR to enter the crypto space, as well as the legal framework for the country.
The president then tweeted:
An entire society grows when its country adopts Bitcoin now, knowing that will benefit the generations to come! Bitcoin is universal money.
The Sango project plans to set up a "legitimate cryptocurrency center" to attract businesses and global crypto enthusiasts, expand Bitcoin acceptance in the country, and create a virtual "crypto island" - a special economic zone in the metaversion. has an equivalent space in the physical world. According to Sando, South Africa plans to create a special legal framework for cryptocurrencies by the end of 2022.
"An ambitious strategy to build a successful economy quickly can only be based on new technologies that Bitcoin uses as a slogan, taking the world by storm and taking money to another level,"
Touadéra’s and the CAR’s plans to adopt crypto seem to be emulating those of El Salvador, whose Bitcoin Law declaring the digital currency legal tender went into effect in September 2021. The Latin American nation also announced plans to create its town Bitcoin City funded by $1 billion worth of BTC bonds, placed on hold as of June amid the bear market.