PROJECT ALSO INCLUDES THE CREATION OF A CRYPTO-HUB FREE OF TAXATION!
Two months after El Salvador became the world’s second country to legalize the use of cryptocurrencies and adopt bitcoin as an official alternate currency to the CFA franc. Central African Republic President Faustin Archange Touadéra announced the launch of “a new digital system powered by Blockchain technology” at an “online event.”
There was no information about the procedures or timeline for developing the Sango Coin and a Crypto Island. This platform would allow this digital money to serve as “the spark for the tokenization of the Central African Republic massive natural resources.”
This “Sango project,” which takes its name from the official language alongside French, was launched when the price of bitcoin was in free fall and numerous platforms were facing bankruptcy.
Touadéra expressed regret that financial services are almost inaccessible to many African inhabitants. However, he claimed to have “found the solution”: “the smartphone,” which allows for crypto trading and investment. The smartphone has replaced traditional banking, cash, and financial bureaucracy.
