After adopting bitcoin as legal tender in April, the Central African Republic (CAR) now hopes to create a cryptocurrency hub - Sango.
The Central African Republic, the second country in the world after El Salvador to adopt bitcoin as legal tender, plans to develop a center to attract cryptocurrency businesses and enthusiasts to the country.
The initiative, called Sango, was launched by the Central African Republic's National Assembly with the support of President Faustin-Archange Touadéra. According to the official page, Sango seeks to "pave the way for a digital future of limitless possibilities".
In addition to creating a legal cryptocurrency center sanctioned by Congress, Sango aims to take "Bitcoin's legacy to the next level" and create a "crypto island" on Sango Island where users can suggest, view and invest in their future contribute to the development.
Sango’s legal framework will include e-residency schemes, citizenship by investment, online business registration with no income or corporate taxes, digital identity, digital ownership, crypto crowdfunding, tokenization of assets and resources, creation of a national digital bank BNDRC et al. The Central African Republic plans to design this dedicated legal framework by the end of 2022.
At the same time, Sango will be the first cryptocurrency economic zone supported by reality in the metaverse world : support the connection of the real world (real estate, partial ownership) with Metaverse, and expand to other blockchains in the future; allow users to Manage their NFTs, and unlock other features such as marketplaces, ownership, funding, asset tokenization; allow users to mint NFTs in the Metaverse to provide an additional layer of business services.
The Central African Republic will also "fully support" the mining of the country's natural resources such as gold, diamonds, uranium, lithium and oil; and offer bitcoin land acquisition services to global investors.
The Central African Republic calls for multi-stakeholder participation in creating a future digital infrastructure powered by blockchain technology, including:
1. Wallet: send, receive and store bitcoins
User-friendly multi-platform wallet application for mobile (iOS, Android), web and desktop (Windows, MacOS, Linux);
Need to be compatible with Layer2 networks, such as Lightning Network ( BTC /LN);
Compatibility with point-of-sale (PoS), allowing businesses to accept crypto payments;
Integrated automated accounting system for enhanced VAT collection.
2. Digital Identity and Ownership Solutions
Using an encrypted biometric data system based on zero-knowledge proof privacy protection technology;
Each user will be assigned a custom NFT, which will achieve data protection through a built-in privacy system, preventing theft and leakage.
3. Tokenization solution
In addition, the Central African Republic plans to complete the interconnection of the China-Africa Backbone Network (CAB) by the end of the year to promote its "entire digital transformation".
In the "Sango" introduction document, some of the contents of the Bitcoin Act of the Central African Republic are particularly emphasized, "all cryptocurrency transactions do not need to be taxed" and "marks the birth of a national electronic transaction regulatory agency".
Cheng Yuan
