• About Cryptocurrency Prices List
  • Privacy Policy
Newsletter
cryptocurrency prices list
Advertisement
  • Home
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • About CCLP
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • About CCLP
  • Contact Us
No Result
View All Result
cryptocurrency prices list
No Result
View All Result
Home blog

CAR’s President announces crypto-hub “Sango” launch date

Vladislav Sopov by Vladislav Sopov
June 29, 2022
in blog
0
CAR’s President announces crypto-hub “Sango” launch date

Central African Republic President Faustin-Archange Touadéra, on June 27, announced the country’s crypto hub “Sango” launch date. The crypto hub will go live on July 3 during a conference organized to mark its launch.

With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech.
Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on https://t.co/LIQiKGhcBS. pic.twitter.com/7u6knv5f6w

— Faustin-Archange Touadéra (@FA_Touadera) June 27, 2022

The country last year became the second in the world and the first in Africa to adopt Bitcoin as a legal tender.

Despite the massive sell-offs recorded in recent times, the President has continued to show his support for Bitcoin.

Project “Sango”

In an official statement released with the tweet, the President stated that Sango would pave the way for the tokenization of the country’s resources and improve the economy.

As per details on the project’s website, investors would be able to finance mining projects and invest in the country’s resources.

Likewise, mining companies can issue digital tokens backed by assets such as gold or other materials to raise money and run their operations.

The project’s launch will also see the creation of a National Agency for Regulation of Electronic Transactions and a national digital bank. The government plans to introduce tax incentives on crypto transactions as well.

However, the project’s website has drawn criticism, with a user calling the information on it about bitcoin misguided.

The President first revealed plans for the crypto hub in May 2022. In the tweet, he referred to the project as an innovation that “has the potential to reshape CAR’s financial system.” 

Does Sango hold all the answers?

Despite its significant mineral resources deposit and small population, CAR is one of the poorest countries in the world. This poverty results from a lack of infrastructure, slow-paced development, and weak institutions.

The ongoing civil war has also caused a decline in international interest in the country’s resources. Making its GDP decline over the year to $2.3 billion after peaking at $2.5 billion in 2012.

In a June 2 tweet, CAR’s President stated that the next line of action is the democratization and tokenization of resources. From all indications, the government plans to drive interest in the country’s mineral resources and create a revenue source through the hub.

The country has come under criticism for adopting Bitcoin as a legal tender. However, the President has argued that the adoption could drive growth and development in the country.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits




Source by [author_name]

Related articles

Asif Razzaq Joins Dubai’s MidChains as Head of Trading

August 10, 2022
Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

August 10, 2022

Related Posts

Asif Razzaq Joins Dubai’s MidChains as Head of Trading

by Vladislav Sopov
August 10, 2022
0

Asif Razzaq, a former forex executive at Sharia-compliant Noor Bank, has joined MidChains as the Head of Trading. Take Advantage...

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

by Vladislav Sopov
August 10, 2022
0

The monetary authority in Australia is beginning research into the potential economic benefits of issuing a central bank digital currency....

Shariah-Compliant Islamic Coin Raises $200m, Beating All Records in 2022

Shariah-Compliant Islamic Coin Raises $200m, Beating All Records in 2022

by Vladislav Sopov
August 10, 2022
0

Shariah-compliant Islamic Coin has secured $200M during its private sale from international private buyers. The crypto, targeting the world’s 2...

DeFi needs a ‘killer app’ to go next level, says Ripple exec

DeFi needs a ‘killer app’ to go next level, says Ripple exec

by Vladislav Sopov
August 10, 2022
0

A “killer app” for consumers is what will be needed to bring the decentralized finance (DeFi) sector to a level...

Kraken Daily Market Report for August 09 2022

by Vladislav Sopov
August 10, 2022
0

Overview Daily spot trading volume: $595.6 million, 30 day average spot: $575.7 million. Total futures notional: $115.7 million. The top...

Load More
Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest

Asif Razzaq Joins Dubai’s MidChains as Head of Trading

August 10, 2022
Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

Reserve Bank of Australia to Pilot Digital Currency, Explore Use Cases – Finance Bitcoin News

August 10, 2022
Shariah-Compliant Islamic Coin Raises $200m, Beating All Records in 2022

Shariah-Compliant Islamic Coin Raises $200m, Beating All Records in 2022

August 10, 2022
DeFi needs a ‘killer app’ to go next level, says Ripple exec

DeFi needs a ‘killer app’ to go next level, says Ripple exec

August 10, 2022

© 2020 CCPL - ( Cryptocurrency Prices List )

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2020 CRYPTO, CRYPTOCURRENCY PRICES LIST.