An announcement on the country's official Facebook page said that the Central African Republic CAR is about to launch a criptocurrency investment hub.
The project was known as Sango, according to the post. President Faustin-Archange Touadera said in a statement that he said that he was talking to President Faustin-Archange Touadera.
President Touadera had hints about the project on May 21 when he tweeted that very soon we will announce the next planned phase with the hashtagBitcoin.
The Facebook post included a link to the landing page for sango.org, where visitors can register for the waitlist. Those who register for the waitlist will get a link to a 24 page presentation.
The document contains additional information about the project's objectives, including building the first legal CryptoHub in Africa, taking Bitcoin Legacy to the next level, and Sango The Crypto Island.
It plans to establish a Digital Nation Bank, develop a wallet, and facilitate land purchases usingBitcoin. There will be a citizenship by investment program with zero taxes to encourage foreign investors, and there will be access to the natural resources in the country.
A month ago, the Central African Republic announced thatBitcoin is a legal tender. This made it the second country after El Salvador to take that step.
Several stakeholders expressed concerns about the decision by the country ofBitcoin. There are a lot of barriers to adoption ofBitcoin in the country, according to analysts.
The Central African Republic is one of the least developed countries in the world. It is ranked 188 out of 189 on the United Nations Human Development Index. Only 11% and 14% of its residents have access to internet and electricity.
Some residents have expressed their surprise at the adoption of the government, as most are unfamiliar with the topic of criptocurrency.
Many opposition lawmakers abstained from the votes after the National Assembly passed the bill making Bitcoins legal tender unanimously.
The International Monetary Fund has called for caution. IMF Africa Department Director Abebe Aemro Selassie said,