Jun 07, 2022, 23:28 pm
Written by Parth Dubey
Published: May 25, 2022
The Central African Republic plans to debut the first legal crypto investment hub in the continent.
After becoming the second nation in the world to adopt Bitcoin, the world's biggest cryptocurrency, as legal tender, the Central African Republic now aims to go against the advice of the International Monetary Fund (IMF).
Being one of the world's least developed nations, the Republic was warned by the IMF that integrating blockchain-powered digital assets on such a large scale can potentially harm the country’s financial system as they are extremely volatile in nature. So far, the government of the country, under the leadership of Faustin-Archange Touadéra, has revealed no details of its Bitcoin vision.
The “SANGO” crypto initiative will be launched soon, which consists of a website where interested investors can sign up on a waiting list.
“The formal economy is no longer an option,” Touadera said in a statement Monday. “An impenetrable bureaucracy is keeping us stuck in systems that do not give a chance to be competitive.”
Gourna Zacko, the minister of digital economy and telecommunications, and Calixte Nganongo, the minister of finance, spearheaded the Bitcoin bill as it was passed by the country’s National Assembly with the aim of "economic recovery."
https://www.ibtimes.com/after-adopting-b...rm-3520071
Published: May 25, 2022
The Central African Republic plans to debut the first legal crypto investment hub in the continent.
After becoming the second nation in the world to adopt Bitcoin, the world's biggest cryptocurrency, as legal tender, the Central African Republic now aims to go against the advice of the International Monetary Fund (IMF).
Being one of the world's least developed nations, the Republic was warned by the IMF that integrating blockchain-powered digital assets on such a large scale can potentially harm the country’s financial system as they are extremely volatile in nature. So far, the government of the country, under the leadership of Faustin-Archange Touadéra, has revealed no details of its Bitcoin vision.
The “SANGO” crypto initiative will be launched soon, which consists of a website where interested investors can sign up on a waiting list.
“The formal economy is no longer an option,” Touadera said in a statement Monday. “An impenetrable bureaucracy is keeping us stuck in systems that do not give a chance to be competitive.”
Gourna Zacko, the minister of digital economy and telecommunications, and Calixte Nganongo, the minister of finance, spearheaded the Bitcoin bill as it was passed by the country’s National Assembly with the aim of "economic recovery."
https://www.ibtimes.com/after-adopting-b...rm-3520071