The Central African Republic (CAR) has launched investment platform Sango, a Bitcoin (BTC) project that follows the decision to introduce BTC as a legal tender last month.
This is the first initiative that will focus on BTC and cryptocurrencies in the country after President Faustin-Archange Touadera pushed for the digital asset to become the nation’s official currency.
“Following the unanimous adoption by the National Assembly of the BTC legal tender status, we are pleased to showcase the first concrete initiative! It goes beyond politics & administration and has the potential to reshape #CAR’s financial system”, an enthusiastic tweet by the president read.
Sango is an investment platform that will rely on cryptocurrency payments to exist and develop. The platform is backed by the National Assembly and enjoys the full support of the ruling government and the president.
President Touadera is confident that this project will be the first crypto-focused initiative in Africa and bring solid dividends for his country.
CAR is the second nation in the world to have accepted BTC as legal tender amid fears that the recent market crash will imperil the country’s finances. El Salvador, the first nation to adopt BTC as its legal tender, has been holding steady despite the assets’ slump.
However, backers of Sango remain confident that the current market tribulations will not have a long-term impact on the platform’s success.
Sango, they argue, will have a definitive impact on the country’s future. “A new economic era” and “enormous potential” have been some of the talking points of the backers of the project.
Whether Sango comes to fruition is another matter altogether. In the meantime, you may explore the world of cryptocurrencies recreationally by visiting 1xBit, FortuneJack and Bitcasino.io.