The World Bank Will Not support the Central African Republic’s Sango Crypto Hub

The World Bank has expressed reservations about the Central African Republic’s (CAR) adoption of Bitcoin (BTC) as a legal tender and has stated that it will not support the recently announced “Sango” crypto hub. President Faustin-Archange Touadéra of the Central African Republic established a regulatory framework for cryptocurrency in the country and made Bitcoin legal tender at the end of April. On May 24, he announced plans to open “Sango,” the country’s first crypto hub. World Bank won't support Central African Republic's Sango crypto hub – https://t.co/kGPXQch52j $BTC #market #investing #finance — CryptoNewswire 🌐 (@CryptoNewswire) May 26, 2022 Sango is being billed as the country’s first “Crypto Initiative,” a legal hub for crypto-related firms that include no corporate or income taxes, and establishes a virtual and physical “Crypto Island.” According to an official document explaining the Sango project, the country “got clearance for a $35 million development fund from The World Bank for the digitization of the public sector,” according to an official document explaining the Sango project. The World Bank announced a $35 million grant on May 5 to update and digitize the existing public financial management system, including improving digital bank payments. The World Bank noted in the statement that funding the Sango project would be “physically impossible” for the organization and that it disapproved of the CAR’s accepta...