The Central African Republic (CAR) will initiate the first-ever Bitcoin investment platform in Africa. The country continues to dive deeper into digital assets despite prior warnings from the International Monetary Fund (IMF).
The IMF previously cited concerns for the legal and economic repercussions that the country might face as it made plans to officially adopt Bitcoin as legal tender. On the contrary, the CAR argued that Bitcoin adoption would be a vital part of the country’s economic recovery.
The country’s president, Faustin-Archange Touadera, released a statement on Monday saying:
The formal economy is no longer an option. An impenetrable bureaucracy is keeping us stuck in systems that do not give us a chance to be competitive.
While the country remains optimistic about Bitcoin adoption, it has yet to provide much detail related to the logistics behind the initiatives.
The CAR’s newest project, the “SANGO” investment hub, will have a “crypto island” and a digital wallet. On Monday, the government’s Facebook page directed platform users to a landing page on Sango.org. On the page, users have the option to join the waitlist or contribute to the initiative.
Once someone joins the waitlist, they are provided a link to a presentation with more information on the project. The presentation lays out three primary objectives for SANGO. The first is to build the first investment hub in the heart of Africa followed by “taking Bitcoin to the next level.” The last objective is producing the previously mentioned crypto island. The island will be declared the “Crypto Economic Zone.”
The country remains hopeful about the economic advantages that come with Bitcoin and cryptocurrency adoption. However, the African nation currently stands as one of the most underdeveloped areas of the world. Additionally, it ranks toward the bottom of the United Nation’s Human Development Index.