Bangui, 5 July 2022 (TDI): The Central African Republic launched its cryptocurrency hub called Sango backed by the government.
The hub was launched on Sunday by President Faustin Archange Touadera during live announcements on social media networks.
After El Salvador, the President of the Central African Republic on social media announced officially that country has adopted Bitcoin as legal tender in May.
Significance of Sango Project
The literal meaning of “Sango” is wealth or money. President Touadera stated that cryptocurrency will help the poor also to gain control over investments.
Further, he added that “Digital Gold” is very important for the contemporary timeframe. Faustin Archange Touadera in his tweet mentioned the historical significance of Gold.
He stated that for ages gold has served as the engine of many civilizations. Digital gold will serve the same in the current time and in the future.
At the Genesis event, President also highlighted the Sango Project as the foundation that will be built on together. According to Mining Minister, Rufin Benam Beltoungou the specifications of the project are not yet very clear.
Despite the specifications of the project, it will still provide people with investment opportunities. Through this project, people can invest in the State’s mining resources at a significant level.
The website of Sango Project also mentioned that people can invest in islands through cryptocurrency. These islands will be created on the Oubangui River. The investors can invest in this project digitally and without paying taxes.
The collapse of Bitcoin by more than 20 percent last month led to many concerns. People are concerned about investing in and adopting Cryptocurrency.
About 90 percent of the population in the Central African Republic doesn’t have access to the internet. To share its fiber-optic network in 2023 the country has already signed an agreement with Cameron.
According to the Government’s estimate, the natural resources of the Central African Republic are worth $3 trillion.