Faustin-Archange Touadéra, president of the Central African Republic, reportedly disclosed details of the authoritative deicision to support an initiative focusing on designing the nation’s blockchain infrastructure.
Specifically, Touadéra reportedly revealed that the CAR authority is releasing “Sango” – a crypto project proposal accordingly with the nation’s adoption of Bitcoin (BTC) as legal tender in April.
Per Sango’s web page, the authority has plans down its pipeline to introduce the program during a July 3rd event where the president, members of his cabinet and professionals in the space to hold talks regarding the physical and digital infrastructure required for the CAR to establish a presence in the crypto sphere, together with the legal framework for the country.
The Sango project’s plans reportedly come with the design of a “legal crypto hub”, with a primary target of reeling in businesses and crypto-enthusiasts from across the globe, widening the scope of the Bitcoin adoption in the nation, as well as designing a virtual “crypto island” – a metaverse-based special economic zone which appears to take up the similar space in the physical world.
Per Sando, the CAR has an intention of rolling out a devoted legal framework for crypto by the end of 2022.
“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,” Touadéra additionally remarked.
Touadéra’s and the CAR’s plans to adopt crypto seem to be surpassing those of El Salvador, whose Bitcoin Law declaring the digital currency legal tender officially enacted in September last year.
The Latin American country also revealed plans to form its own Bitcoin City, financially supported by $1 billion equivalent of BTC bonds, but have been temporarily suspended as of June due to bearish actions in the bear market.