Sango crypto hub goes live in Central African Republic

Central African Republic President Faustin-Archange Touadera has highlighted that Sango's crypto hub project will promote financial inclusion by removing barriers to entry into the banking sector.

The Central African Republic (CAR) has launched its new government-backed Sango Crypto Hub initiative to foster the development of the local digital asset industry.

Project Sango follows CAR's adoption of Bitcoin (BTC) as legal tender in April. The initiative aims to attract global crypto businesses and talent/enthusiasts, accelerate local adoption of BTC, and oversee the deployment of crypto regulatory frameworks and infrastructure. A metaverse platform dubbed The Crypto Island and Sango Coin is also in the works.

Speaking at the launch event on Sunday, President Faustin-Archange Touadéra described Sango's vision: "a common cryptocurrency and an integrated capital market that could boost commerce and support growth" .

One of the key points that President Touadera emphasized was financial inclusion and the importance for citizens to be able to easily access crypto via a smartphone. He drew comparisons with the underutilized banking sector in the CAR, which has several barriers to entry:

“Citizens will gain at all levels, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, unlike traditional banking, have the advantage of rapid access, rapid execution, absence of bureaucracy and low cost. »

"This technology will give identity to the continent by reducing costs. This vision is perfect, and we do not have time to wait. [...] For us, the formal economy is no more. ..