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The President of the Central African Republic reveals the launch date of the crypto center in the country

The President of the Central African Republic reveals the launch date of the crypto center in the country

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Answer The President of the Central African Republic reveals the launch date of the crypto center in the country

The Central African Republic is moving at an accelerating pace to further embrace and explore the potential of cryptocurrencies.

Recently, Faustin-Archange Touadera, President of the Central African Republic, announced that a cryptocurrency center will be launched on July 3rd.

The initiative (also known as the “Sango” project) aims to make the Central African Republic the most progressive economy in Africa through the use of blockchain technology.

Origin of the “Sango” project:

a statement The president of the Central African Republic broke the news through a tweet on Monday, reiterating his commitment to establishing Bitcoin as a legal currency.

Read:The UAE Bank of Ras Al Khaimah relies on its external transfers on the Ripple blockchain technology

He added:

With Bitcoin as a legal tender, our country opens a new chapter in its inspiring journey towards a brighter future via blockchain technology.

The Central African Republic surprised the world in April when the president signed into law a legal framework for cryptocurrency, which also made bitcoin an official currency.

This means that the government will treat bitcoin like the old Central African Republic franc – exempt from capital gains tax, and usable to pay other tax obligations.

A month later, the president also announced the “Sango” project, a plan to turn the Central African Republic into a so-called “crypto center” that attracts investors from all over the world.

Some of its sub-projects will include creating a national crypto bank, creating a state-sponsored digital wallet, and tax-free cryptocurrency exchanges.

The project will also include coding the country’s natural resources, according to a translation of today’s press release.

More will be revealed on July 3 at 7 PM CET during the “Sango Genesis” event, which the president called the most revolutionary conference in the history of “blockchain technology” and “Web 3”.

Read:MicroStrategy buys $190 million worth of Bitcoin at $45,714

El Salvador’s footsteps simulator:

The Central African Republic’s adoption of bitcoin appears to follow in El Salvador’s footsteps closely.

In September, the Central American country legalized bitcoin, along with its state-sponsored wallet called Chivu.

In addition, El Salvador has plans to build a Bitcoin city as a crypto hub, similar to what the Central African Republic has announced.

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