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The Central African Republic (CAR) has launched its new government-sponsored Sango crypto hub to promote the development of the local digital assets sector.

The Sango project follows CAR adoption of Bitcoin (BTC) as official tender in April. The program aims to attract businesses and talent / global crypto lovers / lovers, increase local BTC adoption and oversee the issuance of crypto regulatory frameworks and infrastructure. The Metaverse platform called "Crypto Island" and Sango Coin are also in the works.

Speaking at the launch on July 3, President Faustin-Archange Touadera described Sango's vision of "a common cryptocurrency and an integrated currency market that can stimulate trade and continue to grow."

One of the key points President Touadera emphasized was the investment and the importance of citizens' access to crypto via smartphone easily. Compare it to the underutilized banking sector in the CAR, which has a few barriers to entry:

“Citizens will benefit at all levels, living in a fully economically developed country, which means employment and prosperity. In addition, they will benefit from tangible practices that, unlike traditional banks, have the advantage of faster access, faster execution, lack of management and lower costs.

“These technologies will make the continent more recognizable by reducing costs. This idea is perfect, and we don't have time to wait. [...] For us, the legal economy is no longer an option, "he added.

Despite the CAR president's insistence on the task, the World Bank said in May it would not "support the Sango" over public concerns and "potential investment impacts."

Sango is supported by the CAR National Assembly and is run mainly by President Touadera. While many details remain to be clarified, the main focus of this project will be to mark the country's abundant natural resources to open up greater investment opportunities in them.

Citizen ownership and property ownership will also be marked as NFT. In addition, Crypto Island will play a key role in helping the ecosystem and serve as a way for certified users to gain access to token assets.

Expanded Bitcoin support will also see the development of a local wallet built for BTC and the lighting network.

Source: cointelegraph 

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