The Central African Republic (CAR) has announced intentions to open its first cryptocurrency investment hub, only a month after recognizing bitcoin as legal cash. The president of the Central African Republic, Archange Touadera, announced the start on Tuesday.
According to SANGO’s official website, the National Assembly of CAR proposed the creation of a crypto infrastructure with President Touadera’s approval.
CAR has released very little information on SANGO and how it will work. The specific date of its release has yet to be revealed. Interested investors can join the waiting list by visiting SANGO’s official website.
The Central African Republic legalized bitcoin last month, enabling residents to pay for products and services using the cryptocurrency as well as the native currency.
CAR became the first African country and the second country in the world to accept bitcoin as legal money, following El Salvador.
CAR’s decision to accept bitcoin, like El Salvador’s, did not meet with universal approval. Concerns were raised, among other things, about the move’s effectiveness, given the African country’s low internet usage and inconsistent electrical supply.
The International Monetary Fund (IMF) was not forgotten either. The government has been warned by the institution about its decision to make cryptocurrencies official tender.
President Touadera, on the other hand, appears unconcerned with these issues, since he recently declared intentions to establish a crypto investment infrastructure in the country.
The traditional economy is no longer a viable alternative. Touadera allegedly stated in a Monday statement that an opaque bureaucracy is keeping them locked in systems that do not allow them to compete.