CAR to Launch Crypto Investment Hub "Sango"

On May 24, the Central African Republic (CAR) announced that it would launch an official cryptocurrency hub named “Sango”, the first crypto initiative in the country.

The news comes after the National Assembly unanimously provided Bitcoin (BTC) legal tender status, as stated in a tweet by the President of CAR Faustin-Archange Touadéra:

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is a MetaMask Wallet? (And How to Use it - Animated)

SUBSCRIBE

ON YOUTUBE

Touadéra has also said that the traditional economy is no longer a viable solution. He continued and added that such bureaucracy prohibits the country from staying competitive when compared to other countries in the world. With “Sango”, Touadéra hopes to make crypto available to everyone while at the same time establishing the idea that such currency and its benefits are an effective way to boost the country’s economic growth.

“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.”

According to the official statement, the President believes that the essential way to reshape the country’s future is through innovative technologies such as the newly established crypto hub and Bitcoin. “Sango can usher in a new economic era with enormous potential, which neither Africa nor the rest of the world have imagined,” he added.

Moreover, "Sango" was created by the National Assembly and is endorsed by the Central African Republic president and the government. As of now, it is still not clear how and when the country will implement such an idea. However, the initiative that is set to launch at any time has its own website where prospective shareholders can join the waiting list.

On top of that, in April, CAR became the first African country and second in the whole world state following El Salvador to accept Bitcoin (BTC) as an official currency. However, COBAC warned CAR that it is illegal to convert, hedge, or settle crypto-related operations using CFA Francs.

Interestingly enough, crypto experts do not support the integration of Bitcoin into CAR’s economy due to the country’s low internet use and unreliable electricity.

Currently, the price of Bitcoin (BTC) sits at $29,825.91, with a 1.48% increase over the last 24 hours.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Full Bio

All Expert Contributors & Analysts