The president of the Central African Republic, Faustin-Archange Touadéra, announced that the country’s government will be developing an initiative to develop its blockchain infrastructure. The initiative, named Sango, comes after the April news of the Central African Republic adopting Bitcoin as legal tender.
Sango will launch on July 3. Touadéra, members of his cabinet and industry experts will then discuss the physical and digital infrastructure. They will also discuss the legal framework necessary for the country’s crypto plans.
The plans include the building of a “legal crypto hub”, that will be aimed at attracting crypto businesses and enthusiasts. The government will also work on the adoption rate of Bitcoin in the country. Finally, there are plans to create a virtual “crypto island”. This will be a special metaverse economic zone, that will also have an equivalent space in the physical world.
The Central African Republic government aims to finish the legal crypto framework by the end of 2022. Touadéra stated that the “ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword”.
Central African Republic’s crypto-related plans resemble those of El Salvador. In September 2021, El Salvador declared digital currency to be legal tender there. The Latin American country’s plans to create “Bitcoin City” on its southern coast, however, were placed on hold amid the crypto winter.