Central African Republic announced Sango, a new crypto startup project. President Faustin-Archange Touadera reported that details about the project will be announced on July 3.
Central African Republic Announces New Plan
Faustin-Archange Touadera, President of the Central African Republic, which is the second country in the world after El Salvador by declaring Bitcoin the official currency in the past months, said that they have started an initiative to support the Sango project and that they will announce the details of this program in an organization on July 3rd. stated. Touadera made a statement on the subject on Twitter: “With Bitcoin being the official currency and also a source of inspiration for us, we are turning a new page. We are waiting for everyone to the Genesis organization of the Sango Project, which we started to achieve a brighter future with blockchain technology, on July 3rd. “he used the expressions. The upcoming Genesis event will be broadcast live on Sango.org. So what is the Sango Project, which President Touadera calls “the project we started to achieve a brighter future with blockchain technology”?
What is the Sango Project?
The Sango Project is a crypto initiative launched by the Central African Republic National Assembly and supported by President Faustin-Archange Touadera. When we enter the website of the project, we see that the targets related to the project have been determined. So what are these goals?
What are the Goals of the Sango Project?
The primary goal of the Sango Project is to build a Crypto Hub directly in the heart of Africa, recognized by the country’s parliament, attracting businesses and global crypto enthusiasts. The second goal is to take the legacy of Bitcoin to the next level, and it is a very important development for Bitcoin and cryptocurrencies that a state wants to take Bitcoin’s legacy to the next level. The third goal planned in the project is to create a crypto island. This crypto island to be created will be declared a “crypto economic zone” and will also achieve the title of being the first island powered by reality in the metaverse. Since we do not know much about the details of the project yet, we do not know what will happen or what will be done in this crypto island, apart from what we have mentioned, we will learn these details together after the statements of President Touadera on July 3rd.
Together with Project Sango, before the end of 2022, the Central African Republic is planned to be the first country in Africa to establish a specific legal framework for cryptocurrencies. With this project, Central African Republic plans to implement sub-projects such as e-residence program, citizenship by investment, 0% income tax and 0% corporate tax. Apart from all these, plans such as crypto crowdfunding for infrastructure projects, tokenization framework for national Central African resources and the creation of a Digital National Bank are also within the scope of the Sango Project.
What are the Supports Given Under the Project?
Among the supports provided under the Sango Project are programs that will support the government and crypto companies’ access to natural resources such as gold, diamonds and uranium with zero tax. At the same time, the government has stated that it will provide resource allocation for crypto projects among the project details.
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