Central African Republic announces its Crypto with Sango Project

Namrata Shukla
Source: Pixabay

The weak economies worldwide recognize the potential of cryptocurrencies for financial inclusion. Africa remains an active part of the cryptocurrency revolution with significant adoption, although some countries are still against it. Nevertheless, the Central African Republic [CAR] will be among the supporters of tech as its new government launched a crypto hub project called Sango to develop the digital asset sector.

The launch event took place on Sunday, and President Faustin-Archange TouadĂ©ra stated the vision for Sango is to have a “common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth.”

Per reports, the President called crypto an alternative to cash, but adoption won’t be easy as the country is marred with unstable electric supply and low internet penetration.

CAR became the first African state to make bitcoin legal tender in April. However, shortly after, the International Monetary Fund asked to practice caution. Although the use of cryptocurrencies in the country was relatively high, lack of infrastructure will be one of the few problems the Republic will have to deal with.

As far Sango project is concerned, it will aim to attract businesses and global crypto talent/enthusiasts, ramp up local BTC adoption and oversee the rollout of crypto regulatory frameworks and infrastructure. Apart from this, there are also plans for a metaverse platform called The Crypto Island and Sango Coin.

President Touadéra also took this opportunity to highlight the current barriers to the banking sector. He stated,

“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”

While the idea is to reduce costs and boost the economy, the World Bank has retracted support over transparency concerns and “potential implications for financial inclusion.”

Meanwhile, if we shift focus to data offered by UsefulTulips about the peer-to-peer transfer taking place on the Paxful exchange, it is visible that the market has remained active.

Source: UsefulTulips