Central African Republic President Faustin-Archange Touadéra, on June 27, announced the country’s crypto hub “Sango” launch date. The crypto hub will go live on July 3 during a conference organized to mark its launch. The initiative (also known as the “Sango” project) is intended to make CAR the most “progressive” economy in Africa through the use of blockchain technology.
Touadéra said that the goal of the crypto hub is to make CAR a regional leader in blockchain technology and cryptocurrency adoption. The project will help create new jobs and spur economic growth. “With Bitcoin as legal tender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via blockchain tech,” he said.
Sango will be located in the capital city of Bangui and is being billed as a “digital economy zone.” The project is being spearheaded by the country’s Ministry of Economy, Planning, and International Cooperation, with the support of the United Nations Development Programme (UNDP).
The launch of Sango is just the latest development in the Central African Republic’s ongoing effort to become a leader in the field of blockchain technology. He also said the project would create a "crypto island" — a special economic zone in the metaverse where businesses could operate using cryptocurrencies.
Legal Framework— The Central African Republic's government hopes that the project's legal structure will serve as a model for other countries considering adopting Bitcoin as legal tender in the Future.
Digital infrastructure— Building a new generation of digital infrastructure on top of the Bitcoin time chain to power e-Gov services and enable people to connect and create across borders in the Metaverse.
Physical Infrastructure— The Central African Republic intends to become the future oasis through physical infrastructure with technology at its center.
The Central African Republic is not the only country in Africa that is using blockchain technology to boost its economy. In 2016, the government of Senegal announced the launch of its cryptocurrency, eCFA.
Meanwhile, in Nigeria, several startups are working on developing blockchain-based solutions for various industries, including agriculture, healthcare, and energy. And in South Africa, a consortium of banks is currently testing a blockchain platform that could help speed up cross-border payments.
Launching the Sango crypto hub is a positive development for adopting blockchain technology and cryptocurrencies in Africa. It is also a sign that the continent is open to innovative projects that have the potential to transform lives.