As the Central African Republic (CAR) continues to work toward improving its economic status, the country has recently announced plans to utilize Bitcoin (BTC) as a reserve asset. The nation was the first on the African continent to approve Bitcoin as legal tender alongside the Central African CFA franc earlier this year. This decision follows an initiative from El Salvador, the first country in the world to officially adopt BTC as legal tender. 

Despite having a wealth of diamonds and gold in the country, the CAR ranks very low in terms of development. In fact, it is currently one of the poorest countries in the world. 

The decision to utilize Bitcoin to help salvage its economy has been met with some opposition from a number of organizations. The International Monetary Fund (IMF) advised CAR to reconsider its decision and think about taking a different path. Along with the IMF, the Bank of Central African States, which serves the CAR along with six other nations, also opposed the adoption. 

CAR Launches Project Sango

Shortly after CAR’s Bitcoin legalization, the country announced plans to open its very first crypto hub. It was introduced as project Sango and was labeled as the “first crypto initiative” on CAR’s official government Facebook page. A presidential statement was also posted expressing that the hub would work to take “Bitcoin to the next level.”

The project is set to launch on the 25th of this month and will serve as a two-component digital monetary system.

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