The President of Central African Republic (CAR), Faustin-Archange Touadéra revealed the launch date of Sango Project, an initiative to transform CAR into a global investor magnet known as a “crypto hub”.
Touadéra tweeted the information and reiterated his commitment of making Bitcoin a legal tender. “With Bitcoin as legal tender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via blockchain tech ” he said.
The world was astonished in April when the CAR President signed a bill providing a legal framework for cryptocurrencies and declaring Bitcoin as an official currency.
This suggested that Bitcoin would receive the same treatment from the government as the conventional CFA franc, which was exempt from capital gains tax and could be used to pay other tax debts.
A month later, the President unveiled the Sango Project, an initiative to transform CAR into a global investor magnet known as a “crypto hub”. A few of its side initiatives will be the creation of a national cryptocurrency bank, a state-sponsored lightning wallet, and tax exemptions for cryptocurrency exchanges.
The Sango Genesis Event, which the president referred to as the most “revolutionary” conference in the history of “blockchain technology” and “Web 3”, will unveil more on July 3 at 7 p.m. CET.According to the translation of today’s press release, the project will also involve “tokenizing” the nation’s natural resources. As it was previously reported, the Central African Republic asked to tokenize the country’s natural resources.