The Central African Republic is planning to establish a Crypto Hub after accepting Bitcoin.

The Central African Republic (CAR) has announced its first-ever crypto initiative, the Sango Project, designed to attract businesses and enthusiasts, take the Bitcoin legacy to the next level, and establish a crypto island, Sango, with Metaverse-related elements, just one month after adopting Bitcoin as legal tender.

An Initiative to Attract Investors From Around the World

President Faustin-Archange Touadéra of the Central African Republic tweeted that the new effort, which aims to turn the country into a crypto hub, has the potential to revolutionize the country’s financial system. The president gave no indication of when the hub will be open to investors or how its Bitcoin goal would be implemented. He had, however, apparently expressed a strong desire to get the initiative off the ground:

“The formal economy is no longer an option. An impenetrable bureaucracy is keeping us stuck in systems that do not give a chance to be competitive.”

According to the government’s presentation, the Sango project entails the creation of a Digital Nation Bank and the development of a crypto wallet compatible with layer-two implementations like the Lightning Network so that companies can accept such payments. The “Bitcoin Law” in CAR stipulates that all crypto exchanges operating in the country are tax-free. Government institutions now recognize digital identity and ownership thanks to the country’s legislative structure. The government hopes to attract crypto investors from all over the world in this way.

The idea suggested that the government would promote crypto enterprises’ access to natural resources like as gold, diamonds, and uranium, as well as develop a “citizenship by investment” scheme with tax advantages for businesses. “Land acquisitions in Bitcoin for foreign investors” will be made easier by the government.

The county’s officials will also advertise “Sango” as the crypto island, a crypto-economic zone that will connect to a virtual metaverse of the same name. In the future, the virtual cyberspace, which is 1:1 linked to the real-life island, will have features like NFT minting and asset tokenization.

As written by Niranjan Duguta

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