Only two countries in the world have fully adopted and made bitcoin a legal tender. El Salvador was the first, and The Central African Republic was the second. These two countries are the world’s benchmark for all the other countries or governments wishing to venture into making Bitcoin a legal tender.
The step has seen the country’s economic systems elevate, and substantial value has been maintained in the financial sector. Bitcoin is retaining the worth of these inflation-filled countries despite their respective fiat currencies being volatile and highly affected by inflation. The central African Republic has now taken the game to the next level with the project “Sango”. The central African Republic plans to start an ecosystem to ensure smooth running and growth and attract cryptocurrency investors.
The country is working on a hub that they have termed Sango. The president, together with the national assembly, supports the project. There is a massive 24-page booklet that outlines all the functions of this ecosystem, with the key role being” to make way for a digital future with endless possibilities.” The country believes they have the possibility and will propel the Bitcoin ecosystem to the next level. The 24-page booklet outlines how a digital banking system is in the works. The hub will also help in attracting international investors as well as local ones.
The document adds that there will be full support to access the country’s natural resources, such as gold, diamonds, uranium, lithium, and oil. These are such good incentives to attract international investors. The hub will see the growth of a peaceful ecosystem revolving around the digital coin Bitcoin. The document states that Sango’s legal framework will include an e-residency program, citizenship by investment, online business registration, and no income or corporate tax, per the document. CAR plans to devise this dedicated legal framework before the end of 2022.
The country is planning on ensuring internet connectivity will be stable by the end of the year by ensuring that they finish the Central African Backbone (CAB) internet interconnection by the end of the year. This will be the key factor for the whole operation. CAR will also create a fast and safe exchange firm that will be secure and easy to use on the hub. The country is economically poor and has made a bold move to make Bitcoin a legal tender. The Sango hub will attract both international and national investors. Countries need to benchmark this country and, if possible, offer the necessary support to help such futuristic hubs grow.