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After Bitcoin is officially approved, the Central African Republic is preparing to build a center for cryptocurrencies

After Bitcoin is officially approved, the Central African Republic is preparing to build a center for cryptocurrencies

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Answer After Bitcoin is officially approved, the Central African Republic is preparing to build a center for cryptocurrencies

A month after the adoption of Bitcoin as a legal tender, the Central African Republic announced its first-ever crypto initiative, the “Sango” project designed to attract business, enthusiasts and investors in the crypto sector, take Bitcoin to the next level, and create a so-called “Sango” crypto island with Items related to metaverse technology.

An initiative to attract investors from all over the world:

Central African Republic President Faustin Arching Touadera tweeted that the new initiative, which aims to turn the country into a cryptocurrency hub, has the potential to reshape its financial system.

The president did not provide details on when the center will be available to investors and how his bitcoin agenda will be implemented.

Read:The Ethereum network is on track to achieve a total settlement and processing of $8 trillion in 2021

But he expressed the urgent need to start such a project, and stated:

The traditional economy is no longer an option.

Impenetrable bureaucracy keeps us stuck in systems that do not give us a chance to compete.

According to the presentation published by the government, the “Sango” project involves creating a digital bank and developing a crypto wallet compatible with Layer 2 applications such as the “Lightning Network” and able to be used by companies to accept such payments.

The Central African Republic’s Bitcoin Law made it clear that all cryptocurrency exchanges operating in the country are not subject to taxation.

The country’s legal framework also ensures that digital identity and ownership are recognized by government entities.

In this way, the government aims to attract cryptocurrency investors around the world.

The initiative also stated that the authorities will support crypto companies’ access to the country’s natural resources such as gold, diamonds and uranium and establish a citizenship-by-investment program with business tax breaks.

Besides, the government will facilitate the acquisition of land in bitcoin for investors around the world.

In addition, county leaders will brand Sango as Crypto Island, an economic zone designated for dealing with crypto that will be linked to the Metaverse region of the same name.

Read:Bitcoin price stopped at 33 thousand dollars and awaits the opening of “GBTC” shares

The area will include functions such as minting NFT money and tokenizing assets in the future.

The International Monetary Fund expresses concern about the adoption of Bitcoin in the Central African Republic:

The International Monetary Fund (IMF) previously warned that the Central African Republic’s adoption of bitcoin as its official currency could raise a series of challenges, including financial instability and financial legal uncertainty.

Read:Report: $272 million worth of Ethereum was stolen by North Korean hackers in 2021

Although the Central African Republic claimed that its move toward bitcoin would spur its economic recovery and growth from the decade-long civil war, it received criticism from crypto experts and local lawmakers.

The Central African Republic, considered one of the world’s poorest countries by the United Nations, has very low internet usage, with only 11% of its population having access to technology.

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