Central African Republic Reveals Launch Date Of Crypto Initiative

Central African Republic’s president Faustin-Archange Touadéra has disclosed the launch date for the country’s upcoming crypto initiative dubbed The Sango Project. This will be CAR’s first-ever Crypto project and it is aimed at reshaping the country’s financial system.

CAR believes Sango is the most progressive initiative in Africa

In a recent tweet, Faustin-Archange Touadéra mentioned that the pilot of the Central African Republic’s crypto initiative, Sango, would be on July 3. “With Bitcoin as legal tender and inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via blockchain,” said Touadéra.

Attached to the tweet is a press release that revealed that the broadcast event would be at 7 PM CET on the initiative’s official website sango.org. In the press release, the Sango Initiative was referred to as a “catalyst for the tokenization of the country’s vast natural resources,” calling it the most progressive initiative in Africa and anywhere else.

The Sango Initiative is the country’s attempt at tapping into the wealth of blockchain technology and Web3 in the bid to foster innovation and better improve its economic situation, especially at a time when inflation is growing at an alarming rate.

CAR at the frontline of Crypto tech in Africa

The Sango Project was announced by Touadéra last month. The initiative was proposed by the Central African Republic National Assembly and endorsed by the president who seems to be an avid supporter of Crypto and blockchain technology.

The project comes with three objectives which include building the world’s first legal Crypto Hub in the Central African Republic, taking the Bitcoin legacy to the next level, and establishing a “Sango Island” with Metaverse features.

The project was announced just a month after the African country took the world by surprise by making Bitcoin a legal tender – making it one of the two countries in the world that have taken this bold step; the other being El Salvador.

The Central African Republic appears to be at the frontline of Crypto technology in the African continent. While most African countries such as Nigeria, Egypt, Morocco, Zimbabwe, Zambia, etc. have banned transactions in crypto, CAR seems to be fully embracing the novel technology. 

It is important to note that, regardless of the ban of cryptocurrencies in some African countries and the absence of a standard regulatory framework in others, crypto adoption has grown massively in the continent in recent times, surging by 1,200% between June 2020 and June 2021.