The cryptocurrency hub called Sango – named after one of the country’s official languages, the Central African Republic government launched it.
President Faustin Archange Touadera opened the center in a direct message on social media last Sunday on July 3,2022.
This follows the country’s acceptance of bitcoin as legal tender in May, becoming the second country after El Salvador to accept bitcoin as legal tender.
“Sango means the language of money and wealth. Cryptocurrencies help poor people control their investments,” said President Tuadera.
He compared the project to “digital gold”:
The details are still unclear, but the project will help people invest in the country’s sizable mining resources, among other things, according to Mining Minister Rufin Benam Beltungu.
The project website also states that an island dedicated to cryptocurrencies will be created on the Oubangui River, where investors can invest tax-free and own a digital home.
There is still a lot of concern about cryptocurrency adoption in the country, especially after bitcoin plunged more than 20% in the past month.