C.A.R Launches Bitcoin Hub Sango

C.A.R Launches Bitcoin Hub Sango (News Central TV)

Sango, named after one of the official languages of the country, is the name of the government-backed cryptocurrency centre that the Central African Republic has just inaugurated.

On Sunday, the centre was officially introduced via a live social media announcement from President Faustin Archange Touadéra.

It comes after the nation, which became only the second nation after El Salvador to do so, accepted Bitcoin as legal tender in May.

Recall, on May 24, News Central reported that 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.

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“Sango means the language of money and wealth. Cryptocurrency helps the poor gain control over their investment,” President Touadéra said.

The project will, among other things, enable people invest in the vast mining resources the nation has, according to Mining Minister Rufin Benam Beltoungou, but the specifics are not yet known.

There are still many issues with the acceptance of cryptocurrencies in the nation, particularly following the more than 20% decline in the price of Bitcoin last month.

Although the nation has a contract in place with its neighbor Cameroon to share its fiber optic network starting in 2023, almost 90% of Central Africans lack internet access.

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The natural resources of the Central African Republic are worth more than $3 trillion (£2.4 trillion), according to the government.

But the nation is one of the poorest in the world and has been ravaged by a series of civil conflicts for almost ten years.

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