The Central African Republic (CAR), the second country in the world to adopt bitcoin as a legal currency after El Salvador, plans to develop a hub to attract cryptocurrency businesses and enthusiasts to the nation.
The initiative, coined Sango, was started by the CAR National Assembly with support from President Faustin-Archange Touadéra, per a 24-page slides deck detailing the project’s goals.
According to the official website, Sango seeks to ‘pave the way to a digital future of endless possibilities.’
In addition to building a legal Bitcoin and cryptocurrency hub recognized by its parliament, Sango aims to:
- Take ‘the Bitcoin legacy to the next level.’
- Institute a ‘cryptocurrency economic zone’ in the Sango Island where users will be able to propose, view, and contribute to its future developments.
- ‘Facilitate land acquisition in bitcoin for investors worldwide.”
- ‘Create a Digital National Bank.’
- ‘Fully support’ access and ‘allocation of the country’s natural resources such as gold, diamonds, uranium, lithium and oil to crypto projects.’
- Build the Sango crypto island that will be declared a crypto economic zone and the first island in the metaverse backed by reality.
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SEE ALSO: 23 African Central Banks to Participate in Bitcoin Discussions with El Salvador
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Sango’s legal framework will include:
- An e-residency program
- Citizenship by investment
- Online business registration
- No income or corporate tax
CAR plans to devise this dedicated legal framework before the end of 2022.
The document also mentions the creation of a bitcoin wallet to send, receive, and store BTC that will be compatible with the Lightning Network, Bitcoin’s second-layer protocol for cheaper and faster payments. The wallet will also be compatible with point-of-sale (PoS) for businesses to accept bitcoin payments and feature an integrated accounting system.
CAR plans to finalize the Central African Backbone (CAB) internet interconnection before the end of the year to power its ‘entire digital transformation,’ it said in the document.
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