Central African Republic’s undistracted interest in crypto.
Central African Republic (CAR) has had an undistracted interest in crypto currencies and crypto sphere in general since a very long time. CAR was also the second country in the world to accept bitcoins as legal tender after El Salvador. President of CAR believes that adoption of cryptocurrencies and enabling bitcoin as the legal tender will help in strong and inclusive economic growth of the country. The transitions towards cryptocurrencies by countries such as CAR or EL Salvador is primarily to circumvent inflationary pressures and move away from colonial currency mechanism. Adding on to that, this day and age of modernization and technology, makes it appealing for the youth of these countries to adopt the digital currency.
Let’s look at a tweet here from the President of CAR Faustin-Archange Touadera.
The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.
— Faustin-Archange Touadéra (@FA_Touadera) June 2, 2022
CAR plans on tokenizing natural resources.
CAR recently went on to announce that, they are planning to tokenize the country’s rich natural resources, to help the Sango Project. Sango Project is the project which initiates the launch of a crypto hub in the country according to the parliamentary measures.
President’s tweet as mentioned above stated that, CAR was looking to give the opportunity to everyone to access the riches of the country. CAR also plans on founding a Digital National Bank, facilitating land purchases in bitcoin and developing a crypto wallet.
The government is also looking to give access to crypto firms to deal in the natural resources such as gold, diamond and uranium. They are also planning to institute, a “Citizenship by Investment” program with zero tax rate on income and business.
World Banks support in CAR.
Picture Credits: Ukraine Business News
CAR had gone ahead and announce project Sango last month. Since the announcement of the project, there were many rumors claiming that World Bank also invested in it. The official website of the project went on to claim that the World Bank confirmed a $35 Million development fund for a Sango Crypto Hub in the country. But, to everyone’s information, world bank recently said that it has not and won’t support any such initiative.
Writer’s Report:
CAR’s attempt in making the country a crypto hub is evidently visible. All the projects, the bills which are being passed to support the crypto market is truly heartening to witness. Whether CAR be able to set up the Crypto Hub under the Sango Project or not? Only time will tell. But the efforts are quite evident that CAR is making its best possible effort to make the country a crypto hub.
