- The Central African Republic plans to launch the “SANGO” crypto initiative.
- This will launch Africa’s first legal cryptocurrency investment hub.
- Additional details about the initiative were not disclosed.
The Central African Republic, a landlocked country in Central Africa, plans to launch the continent’s first legal cryptocurrency investment hub.
The Central African Republic, which has adopted Bitcoin, the world’s second largest cryptocurrency, as its fiat currency, is now aiming to oppose the International Monetary Fund’s (IMF) recommendation.
The republic was one of the poorest countries in the world. warning The IMF said that the massive integration of blockchain-based digital assets could potentially harm countries’ financial systems, which are inherently extremely volatile. So far, the government led by Faustin-Archange Touadéra has not disclosed details of its Bitcoin vision.
The “SANGO” crypto initiative, comprising a website where interested investors can sign up for a waitlist, will be launched soon. Reuters.
“The formal economy is no longer an option,” Touadera said in a statement on Monday. “An impenetrable bureaucracy is locking us into a system that provides no opportunity to compete.”
At this time, there are no indications as to when the investment hub will open or how it will operate. Lack of internet access and lack of electricity have made adoption of Bitcoin frowned upon, and the IMF believes that using Bitcoin as a means of payment will create serious problems for the country. The fund also added that there are major legal, transparency and economic policy issues in adopting BTC as a fiat currency.
Digital Economy Communications Minister Gourna Zacko and Finance Minister Calixte Nganongo led the Bitcoin bill passed by the National Assembly aiming to “restore the economy”.
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