C.A.R to Launch Bitcoin Investment Platform Called ‘Sango’

C.A.R to Launch Bitcoin Investment Platform Called ‘Sango’ (News Central TV)

The Central African Republic’s presidency announced the establishment of the continent’s first legal Bitcoin Investment Platform called ‘Sango’, extending the impoverished country’s embrace of digital finance despite warnings from the International Monetary Fund, IMF.

After decades of conflict, the C.A.R became the first in Africa and only the second in the world to adopt bitcoin as an official currency last month.

So far, the government has provided little information about the logistics of its bitcoin vision.

The soon-to-be-launched “SANGO” crypto initiative has a website on which interested investors can sign up to a waiting list.

“The formal economy is no longer an option.

Your Friends Also Read:  Erastus Mwencha Appointed as Equity Bank Board Chairman

“An impenetrable bureaucracy is keeping us stuck in systems that do not give a chance to be competitive,”  President Faustin-Archange Touadera said in a statement on Monday.

Faustin Archange Touadera, President of the Central African Republic

There was no word on when the investment hub would open or how it would function.

The adoption of bitcoin in a country where internet use is low and electricity is unreliable raised eyebrows among cryptocurrency experts, perplexed lawmakers and residents of the gold and diamond-producing country, and drew warnings from the International Monetary Fund.

Central Africa’s regional banking regulator for the six-nation Economic and Monetary Community of Central Africa also issued a reminder about its cryptocurrency ban, stating that the ban was in place to ensure financial stability.

Your Friends Also Read:  Mauritius and Kenya strengthen trade relations with new agreements

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.

Contact: digital@newscentral.ng

Total
0
Shares

Leave a Reply

Previous Article

Rwanda Accuses Congolese Forces of Cross-border Shelling

Next Article
South Africa Mourns Actor Jamie Bartlett Who Died at 55 (News Central TV)

South Africa Mourns Actor Jamie Bartlett Who Died at 55

Related Posts
Powered by Live Score & Live Score App