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President of the Central African Republic, Faustin-Archange Touadéra, has announced the government is launching an initiative centered around developing the country’s blockchain infrastructure.
The country became the second nation in the world to adopt Bitcoin as legal tender in April this year. In September 2021, El Salvador was the first to embrace Bitcoin, under leadership of its ‘Bitcoin President’, Nayib Bukele.
The president made the announcement on Twitter where he clarified that his government is introducing a new crypto program, Sango, at a July 3 event, where cabinet members and industry experts are coming together to discuss the country’s crypto readiness by zooming in on the physical and digital infrastructure.
Some of the highlights of the Sango project includes creating a “legal crypto hub” to attract businesses and global crypto-enthusiasts, strengthening the country’s Bitcoin footprint, and the creation of a physical and virtual “crypto island”.
President Touadéra said:
“The ambitious strategy to quickly build a successful economy can only rely on new technologies that have taken the world by storm and taken money to another level, with Bitcoin as a watchword.”
The Central African Republic plans to have a dedicated legal framework for cryptocurrencies ready by the end of 2022.