The Central African Republic (CAR) has made public its intentions to establish a crypto hub in the hopes of luring both major and minor participants in the rapidly expanding cryptocurrency business to the country. The country’s president had hinted at plans to spread Bitcoin within its borders and make the country a crypto center on the continent after it became the second sovereign government to adopt Bitcoin as a legal tender. CAR’s decision to adopt Bitcoin means that bitcoin can be accepted as payment alongside its existing official currency. Central African Republic And Its Crypto Initiative The Central African Republic, which has been plagued by years of conflict, is currently attempting to move forward and reduce its national debt by capitalizing on the popularity of crypto with the expectation that it will assist in boosting its economy. The new cryptocurrency hub will be known as Sango, and it will feature both a digital wallet and a cryptocurrency island. Sango’s website makes the claim that it would be an initiative ‘paving the way to a digital future of endless possibilities, despite the fact that few specifics on the operations of Sango have been disclosed as of yet. On the website, prospective investors who are interested in contributing can sign up to be added to a waiting list. Cryptocurrencies are very popular in many developing countries in Africa and some are beginning to show interest in the adoption of dig...
