The Central African Republic, (CAR) officially launched on Sunday the construction of its own cryptocurrency, the Sango, and the future "first African crypto-hub" with "zero taxation".
Two months after making his country the second in the world after El Salvador to adopt bitcoin as an official currency --alongside the CFA franc-- and legalize the use of crypto-currencies, President Faustin Archange Touadéra made the announcement at an "online event" to launch "a new digital system powered by Blockchain technology."
No concrete details were given on the modalities and timetable for the creation of this "Sango Coin" and a "Crypto Island", a platform allowing this virtual currency to become "the catalyst for the tokenization of the vast natural resources" of the Central African Republic.
This "Sango initiative", named after the official language alongside French, comes in the midst of the global cryptocurrency crisis, where the price of bitcoin is in free fall and many crypto platforms...
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