Introducing Project Sango – The First Official Bitcoin Island and Hub in Africa

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.

0
174
JOIN US ON TELEGRAM

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.

______________________________________________________________________

SEE ALSO: 23 African Central Banks to Participate in Bitcoin Discussions with El Salvador

______________________________________________________________________

CAR is offering incentives to investors to contribute to the Sango Bitcoin Hub

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.

_________________________

Read / Download the full slide deck below

______________________________________________________________________

RECOMMENDED READING: 3 Francophone African Countries Planning to Enable Crypto Payments via Telegram ($TON)

______________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277

SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb

____________________________________________________________________

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to our YouTube channel below for more updates:

____________________________________________________________________

LEAVE A REPLY

Please enter your comment!
Please enter your name here