President of CAR Announces the Sango Genesis Event, an Ambitious Crypto Hub

DailyCoin

Published Jun 28, 2022 09:01AM ET

Updated Jun 28, 2022 10:00AM ET

President of CAR Announces the Sango Genesis Event, an Ambitious Crypto Hub

The ambitious plans for the crypto hub unveiled by the Central African Republic might have made a historic turning point as President Faustin-Archange Touadéra announced an introductory online event, scheduled for July 3rd, which will reveal the next steps for the realization of the Sango crypto hub.

“Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July at 7 PM CET”, revealed “Crypto President” Touadéra, who also added that spectators were in for a treat, as this will be the “most revolutionary conference in Web 3.0 and blockchain technology”.

In a 6-minute video on the crypto island’s official website, the President of Central African Republic explained how he intends to bring a crypto makeover to the country, thereby propelling them to the forefront of the innovation game by attracting crypto talent with its tax-free zones, and including local young people in the inevitable “crypto revolution”.

The Sango Project will also enable crypto investors to acquire national resources in digital tokens. Ultimately, the country believes that the tokenization process could eventually net them a total market capitalization of $3 trillion, as it is explained on Sango’s website.

The 3 Verticals of the Sango Ecosystem

  • Legal framework – the government of the Central African Republic expects the legal framework of the project to set a precedent for the future of crypto, and starting a trend for other countries that may be looking to adopt Bitcoin as legal tender
  • Digital infrastructure – In their vision, borders shall be erased and citizens will be able to connect in the metaverse, possibly hinting at a “digital-first” approach, with Bitcoin (BTC) time chain hosting e-government services
  • Physical infrastructure – in tune with technology, and focused toward the younger generation
    • “Mathematics is the language of the Universe, Bitcoin is Universal money”, – says Faustin-Archange “the Crypto President” Touadéra, and accoridng to him, anyone who is “ready to reshape the future” can join the fun.

    On the Flipside

    • The Central African Republic, with its population of 4.8 million, has huge infrastructure problems in rural areas, say analysts
    • The World Bank disapproves of the CAR’s decision to install Bitcoin as a legal tender.

    Why You Should Care

    The Central African Republic became the second country in the world to adopt Bitcoin as legal tender, after El Salvador, and the future developments made by the two countries may end up playing a crucial role in the future of crypto.

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