Central African Republic To Launch Official Crypto Hub ‘Sango’

Less than two months after adopting bitcoin as legal tender, the Central African Republic (CAR) has launched the continent’s first legal cryptocurrency investment hub. Dubbed “Project Sango,”, the project involves creating “the first legal crypto hub recognized by a country’s parliament” with plans to create a digital national bank, a crypto wallet, and infrastructure that will allow for property payments to be made in bitcoin, according to an online presentation the government released in tandem with a Facebook post-Monday. “The construction of the first legal crypto hub in the heart of Africa will improve crypto experience by taking Bitcoin adoption to the next level, potentially bringing the most unconventional space in the world,” the presidencial statement reads. The government will also support crypto firms’ access to natural resources such as gold, diamonds, and uranium and institute a “citizenship by investment” program with a zero-rate tax on income and businesses, according to the presentation. An Initiative of the CAR Government According to the official Sango website, the platform was initiated by the National Assembly and is supported by the CAR government and the president. The Central African Republic became the first country in Africa and the second country in the world to adopt Bitcoin as an official currency. As of yet, the government has not provided the technical details for implementing the new technology....