Weeks after Adopting Bitcoin as an official currency, the Central African Republic is set to launch its first major cryptocurrency hub to provide digital currency infrastructure in the country.
The country’s president, Faustin-Archange Touadera took to Twitter on Tuesday to announce the upcoming launch of the country’s first major cryptocurrency initiative dubbed “Sango.”
According to Touadera, the initiative has the potential to transform the CAR financial sector.
He said “Following the unanimous adoption by the National assembly of the BTC legal tender status, we are pleased to showcase the first concrete initiative! It goes beyond politics & administration & has the potential to reshape CAR financial system.”
According to the president, “The construction of the first legal crypto hub in the heart of Africa will improve crypto experience by taking Bitcoin adoption to the next level, potentially bringing the most unconventional space in the world,”
Touadera stated that Bitcoin adoption opens up “unimaginable potential” for the country’s development and transformation. “The crypto hub, Bitcoin [and crypto are the tools that will redesign the future of our country. Sango can usher in a new economic era with enormous potential, which neither Africa nor the rest of the world have imagined.”
The president also stated that his greatest aim is for the Sango initiative to make cryptocurrency available to everyone, establishing an international example of how cryptocurrency benefits may be used to improve a country’s economic performance.
“A formal economy is no longer an option,” the president noted adding that new platforms such as Sango are aimed at reducing bureaucracy and promoting competition.
Investor King had earlier reported CAR as the first country in Africa to adopt Bitcoin as legal tender and the second country in the world to do so after El Salvador.
Cryptocurrency adoption has become a rapidly increasing notion in Africa, with various governments lining up to obtain digital assets. Several African countries, including Cameroon, the Democratic
The Republic of Congo, and the Republic of Congo, announced plans to use the TON blockchain as a cryptocurrency and blockchain to drive future national economic success in April.