CAR set to launch its crypto hub 1

Central Africa Repulic (CAR) has announced via an official page that it will launch a crypto investment hub in the country. According to the statement, the project has been officially dubbed ‘project sango.’ Giving his opinion on the new update, the president of CAR, Faustin-Archange Touadera, mentioned that the country no longer has an edge in the formal economy. The latest update is coming off the back of a tweet where the president urged citizens of the country to sit tight for the next update related to Bitcoin.

CAR residents who sign up are on the waitlist

The official post, which can be found on Facebook, has an embedded link to the project’s official page. According to residents that have visited the page, anybody who signs up will be required to wait on the waitlist. A link where the complete onboarding of the project is done is also sent to users on the waitlist. In the document, the CAR government has plans to build one of the biggest crypto hubs inside Africa.

Asides from that, the country is also looking to float its much talked about island dubbed Sango. Also, there are plans to float a digital bank that will be accessible by all crypto-focused individuals, create its wallets and enable land purchases using digital assets such as Bitcoin. The country also has plans to provide resources to aid crypto firms in their activities while opening up the chance to become citizens to investors with a no-tax incentive.

Confusion over Bitcoin’s legal tender status

This new plan is coming up less than one month after the country announced its official stance on using Bitcoin as a legal means of exchange. The move stamped the country in second place in the list of countries taking up the initiative. However, there have been calls by several top members of the international community over a drastic step taken by CAR. According to several analysts, the country is not yet ripe to install Bitcoin as a legal tender as it still has some issues it needs to thrash out in that regard.

CAR is one of the lowest-ranked countries in the development by the UN, with the country having about 11% of its citizens with access to electricity. Some citizens are also confused, with most of them unable to decipher how to use digital assets. There are also claims that lawmakers who planned to oppose the legal tender ruling absolved themselves from voting, so the grand success registered.