Undeterred by the uncertainty in the crypto-assets market, the Central African Republic is going ahead with its Bitcoin ambitions by launching a crypto hub. This project is designed to attract people working in digital assets.
The Central African Republic through Project Sango wants to create a digital national bank, a crypto wallet, and infrastructure. It will enable property payments to be made in Bitcoin. Sources said the CAR will roll out legal cryptocurrency policies in phases. There are also plans to create a crypto island. The Sango Project comes with the possibility of citizenship by investment, frameworks for the digitalization of the CAR’s economy, and zero income tax.
It will provide frameworks for digital crowdfunding of private and public projects, tokenizing national assets and resources. It also includes recognizing digital ownership and creating digital identities, as well as a Digital National Bank.
Steve Aschettino, a Norton Rose Fulbright partner, pointed out that the country lags behind in high-speed internet connectivity. He said CAR has limited internet availability and limited availability of electricity. Aschettino highlighted that electricity and the internet are the backbones of Bitcoin transactions.
The CAR is working towards finalizing the Central African BackBone – the fiber optic internet backbone connecting several countries in Africa by the end of the year. This will help CAR realize its blockchain ambitions. CAR became the first African country on April 27 to adopt Bitcoin as legal tender. However, the country’s moves in Bitcoin and the broader crypto space have so far failed to carry the market out of its downward trend.