The second nation to accept Bitcoin as an official currency will launch a “cryptocurrency center” to raise interest among entrepreneurs in the crypto space and other economic sectors.
The Central African Republic opened up about creating a new “cryptocurrency hub” to attract businesses and entrepreneurs in the sector to the country with limited economic income.
After becoming the second region n the world to accept Bitcoin as legal tender after El Salvador, the Central African Republic (CAR) is now working hard to encourage the adoption of digital currencies.
According to the project’s official website, called ‘Project Sango,’ the initiative consolidates a digital future filled with tons of new possibilities. The plans got revealed on Monday on the government’s official Facebook page, as The Block highlighted. The president of the nation, Faustin-Archange Touadéra, also tweeted on Tuesday with a link that leads to the project.
Sango: A “Cryptocurrency Economic Zone”
According to an online project presentation, one of the primary missions of the proposal will be to set up “the first legal digital currency center approved by the parliament of a nation based in Africa. The 24-page document contains images of rolling skyscrapers, sailboat-dotted lakes, and blue skies, which bring a purported outline of strategies.
Among the outlined intentions, the Sango project will also intend to build a cryptocurrency economic zone, where users will have the possibility to propose, view, and contribute to its future development.
According to the document, the Central African Republic’s plans include making the acquisition of land in Bitcoin easier for investors worldwide and creating a National Digital Bank. The government highlighted in the document that it would also give total support to access to the nation’s natural resources, such as gold, diamonds, uranium, and even oil.
The presentation also highlighted some vital benefits for crypto enthusiasts and entrepreneurs, including an e-residency program, citizenship by investment, online business registration, and no corporate or income tax for crypto enthusiasts and entrepreneurs.
Likewise, the creation of a wallet to send, receive, and house Bitcoin compatible with the Lightning Network, the second layer protocol of Bitcoin for cheaper and faster payments, was also mentioned. The wallet will also back up Point of Sale (PoS) for businesses to accept payments in digital assets and have an integrated accounting system.
The central African Republic Moves Towards Bitcoin
Although the most prominent logistics details are still scarce, the document highlights that the African administration intends to design a specific legal framework to encourage the center of the digital asset before 2022 ends. According to Bitcoin Magazine, the project appears to get motivated by the National Assembly of the Central African Republic with the support of President Touadéra.
As The Block highlights in its report, the landlocked nation is among the world’s least developed economies and agriculture is the most significant contributor to its GDP. According to World Bank figures, the Central African Republic’s economic output stood at just US$2.38 billion as of 2020, and the nation has a position near the bottom of the United Nations Human Development Index.
By: Jenson Nuñez
