Sango crypto hub goes live in the Central African Republic

by · July 4, 2022

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

The Sango project follows CAR’s adoption of Bitcoin (BTC) as a legal tender in April. The initiative aims to attract companies and global crypto-talents / enthusiasts, increase local BTC adoption and monitor the roll-out of crypto-regulatory frameworks and infrastructure. A metaverse platform called The Crypto Island and Sango Coin is also underway.

President Faustin-Archange Touadéra spoke at the launch event on Sunday that Sango’s vision is to have a “common cryptocurrency and an integrated capital market that can stimulate trade and sustain growth.”

One of the main points President Touadéra emphasized was economic inclusion and the importance of citizens being able to easily access crypto via a smartphone. He made comparisons with the underutilized banking sector in CAR, which has several barriers to entry:

“Citizens will serve at all levels, they will live in a country in full economic development, which means employment and prosperity. In addition, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of fast access, fast execution, lack of bureaucracy and low costs. “

“This technology will give an identity to the continent by reducing costs. This vision is perfect and we do not have time to wait. […] For us, the formal economy is no longer an option, “he added.

Despite the CAR president’s bullishness for the project, the World Bank stated in May that it would not “support Sango” because of concerns about transparency and “potential implications for financial inclusion.”

Sango is supported by CAR’s National Assembly and is run primarily by President Touadéra. While many details are not yet detailed, a significant focus in the project will be to tokenize the country’s rich natural resources to allow for greater investment access to them.

Citizen identity and asset ownership will also be tokenized as a non-fungible token (NFT). In addition, Crypto Island will play a crucial role in facilitating this ecosystem and serve as a way for verified users to access tokenized assets.

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The expanded Bitcoin support will also see the development of a local wallet built for BTC and the Lighting Network.