Central African Republic teases 'Project Sango' crypto hub

Quick Take

  • After making bitcoin a legally recognized currency in April, the Central African Republic has published online plans for a “crypto hub.”
  • The plans, dubbed Project Sango, include a “crypto island” and a digital wallet.

A month after making bitcoin a legally recognized currency, the Central African Republic has unveiled plans to create a "crypto hub" to attract global crypto enthusiasts. 

The plans have been dubbed Project Sango, according to a post on the government's official Facebook page dated Monday that directed people to a landing page at sango.org. After registering for the waitlist, users were sent a link to a 24-page online presentation with further details on the proposed project.

There was no confirmation of the Facebook post on the Twitter account of Faustin-Archange Touadéra, CAR's president. Although he had tweeted on Saturday that "very soon we will announce the next planned phase" with the hashtag #bitcoin.

According to the presentation, which is filled with images of undulating skyscrapers and sailboat-dotted lakes, the Sango project involves creating "the first legal crypto hub recognized by a country's parliament." CAR's plans include founding a Digital Nation Bank, facilitating land purchases in bitcoin, and developing a crypto wallet.

The government will support crypto firms' access to natural resources such as gold, diamonds and uranium and institute a "citizenship by investment" program with zero-rate tax on income and businesses, according to the presentation. 

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