To promote the development of the regional digital asset market, the Central African Republic (CAR) established the Sango crypto hub project, which the government is now implementing.
The president of the Republic of Congo, Faustin-Archange Archange Touadéra, gave a speech at the opening ceremony on Sunday discussing Sango’s objectives, which include a “single cryptocurrency and an integrated capital market that may promote business and help it grow.”
Sango crypto hub – Ramping up BTC adoption
The Sango project follows the Central African Republic’s (CAR) introduction of Bitcoin (BTC) as legal tender in April. The initiative’s goals are to recruit enterprises and worldwide crypto talent/enthusiasts, increase local BTC acceptance, and oversee the implementation of crypto regulatory frameworks and infrastructure. The Crypto Island metaverse platform and Sango Coin are also in the works.
President Touadéra underlined the need for financial inclusion and citizens having easy access to cryptocurrency via a smartphone. He highlighted parallels with CAR’s underused banking industry, which has significant entry hurdles.
“This technology will give an identity to the continent by reducing cost,” President Touadéra said. “This vision is perfect, and we do not have the time to wait. […] For us, the formal economy is no longer an option.”
Not met with optimism
The World Bank announced in May that it will not be “supporting Sango” due to worries about transparency and “possible implications for financial inclusion,” despite the CAR president’s enthusiasm for the project.
Sango is sponsored by the National Assembly of the CAR and is strongly supported by President Touadéra. Although few details are available, the major goal of the mission will be to tokenize the country’s valuable natural resources to enable investment access to them.