Faustin-Archange Touadéra, the president of the Central African Republic (CAR), invited everyone to a genesis event for Project Sango Genesis through a tweet.
When referring to the beginning of a particular project or technology, the term “genesis” is frequently used in the cryptosphere.
Keep in mind that the first block a cryptocurrency, like Bitcoin, ever mined is referred to as a “Genesis Block.” 13 years have passed since Satoshi Nakomoto mined the very first block of bitcoin transactions, often known as the Genesis block and commemorated by the crypto community in January 2022.
Also read, CAR’s Cryptocurrency Adoption May pose Risks – IMF Report
The government of the CAR believes that Project Sango would promote blockchain and cryptocurrency development there and establish the country as a major crypto hub on the African continent.
The CAR National Assembly launched the initiative with the help of President Faustin-Archange Touadéra.
Also read, CAR to Tokenize its Natural Resources – Faustin-Archange Touadera
Sango’s objectives include creating a reputable bitcoin and cryptocurrency hub that is approved by the government and:
- Bring the legacy of Bitcoin to the next level
- Establish a “crypto-economic zone” on Sango Island so that users can suggest, observe, and participate in its future evolution.
- enable land buying for investors globally using bitcoin
- Establish a digital national bank.
- wholeheartedly back the country’s natural resources, including gold, diamonds, uranium, lithium, and oil, are made available to cryptocurrency ventures.
- Create the Sango crypto island, the first island in the metaverse supported by reality and designated as a crypto-economic zone.
- Furthermore, the World Bank, which is identified as a funding source for a few of the project’s activities, has spoken out against it (CAR).
According to a bank spokesman, CAR is concerned about environmental issues, financial inclusion, the financial sector, and public financing in general, as well as transparency issues.
In April 2022, the Central African Republic became the second nation in the world to recognize bitcoin as legal tender.
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