The authorities of the Central African Republic have announced the need to create a single cryptocurrency center to attract cryptocurrency investments to the country.
CAR President Faustin-Archange Touadera wrote on Twitter that the new initiative aims to turn the country into a cryptohub. State crypto project named Sango.
“Following the unanimous adoption by the National Assembly of Bitcoin as legal tender, we are pleased to present the first concrete initiative: Sango! This goes beyond politics and governance and can change the financial system of the CAR,” Touadera said.
The head of the Central African Republic did not specify when the center will become available to local and foreign investors and how exactly the policy regarding bitcoins as a means of payment will be implemented:
“The formal economy is no longer an option. An impenetrable bureaucracy keeps us in systems that do not give us a chance to be competitive.”
The Sango project includes the creation of the Digital Nation Bank and the development of a crypto wallet that is compatible with second-tier platforms such as the Lightning Network, as well as capable of accepting payments in cryptocurrency through them.
The “Bitcoin Law” of the Central African Republic states that all cryptocurrency exchanges operating in the country are exempt from paying taxes. The national legal framework ensures that public authorities recognize digital identity and ownership. In this way, the government seeks to attract crypto investors from all over the world to the country.
The CAR authorities promise to support the access of crypto companies to natural resources such as gold, diamonds and uranium, and to create a “citizenship by investment” program with exemption from business taxes. In addition, the government will facilitate the “acquisition of land for bitcoin for investors around the world.”
Recall that in April, the Central African Republic became the first country in Africa to recognize bitcoin as a legitimate payment currency.
Source: Bits
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