Through a post on Twitter, Central African Republic (CAR) President, Faustin-Archange Touadéra, has sent an invitation for ‘everyone’ to attend a genesis event for Project Sango.
Genesis is a term that is commonly used in crypto to refer to the onset of a certain project or technology. Remember that a Genesis Block is the name given to the first block a cryptocurrency, such as Bitcoin, ever mined. In January 2022, the crypto community marked the 13th anniversary milestone, 13 years since Satoshi Nakomoto mined the very first block of bitcoin transactions – now widely known as the Genesis block.
For Project Sango, the Government in CAR also sees it as something that will spur blockchain and crypto development there, and make CAR a key crypto hub on the African continent.
The project was started by the CAR National Assembly with support from President Faustin-Archange Touadéra. In addition to building a legal bitcoin and cryptocurrency hub recognized by 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
However, the World Bank, which is listed as a funder for certain programs in the project, has come out against the project by the Central African Republic (CAR).
A representative for the Bank said:
“We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector and public finance at large, in addition to environmental shortcomings.”