{"id":5301,"date":"2022-06-29T12:00:00","date_gmt":"2022-06-29T12:00:00","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=5301"},"modified":"2022-06-29T12:00:01","modified_gmt":"2022-06-29T12:00:01","slug":"cars-president-announces-crypto-hub-sango-launch-date","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=5301","title":{"rendered":"CAR&#8217;s President announces crypto-hub &#8220;Sango&#8221; launch date"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p>Central African Republic President Faustin-Archange Touad\u00e9ra, on June 27, announced the country\u2019s crypto hub \u201cSango\u201d launch date. The crypto hub will go live on July 3 during a conference organized to mark its launch.<\/p>\n<p lang=\"en\" dir=\"ltr\">With #Bitcoin as #legaltender &amp; inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech. <br \/>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<\/p>\n<p>\u2014 Faustin-Archange Touad\u00e9ra (@FA_Touadera) June 27, 2022<\/p>\n<p>The country last year became the second in the world and the first in Africa to adopt Bitcoin as a legal tender.<\/p>\n<p>Despite the massive sell-offs recorded in recent times, the President has continued to show his support for Bitcoin.<\/p>\n<h2>Project \u201cSango\u201d<\/h2>\n<p>In an official statement released with the tweet, the President stated that Sango would pave the way for the tokenization of the country\u2019s resources and improve the economy.<\/p>\n<p>As per details on the project\u2019s website, investors would be able to finance mining projects and invest in the country\u2019s resources.<\/p>\n<p>Likewise, mining companies can issue digital tokens backed by assets such as gold or other materials to raise money and run their operations.<\/p>\n<p>The project\u2019s 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.<\/p>\n<p>However, the project\u2019s website has drawn criticism, with a user calling the information on it about bitcoin misguided.<\/p>\n<p>The President first revealed plans for the crypto hub in May 2022. In the tweet, he referred to the project as an innovation that\u00a0\u201chas the potential to reshape CAR\u2019s financial system.\u201d\u00a0<\/p>\n<h2>Does Sango hold all the answers?<\/h2>\n<p>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.<\/p>\n<p>The ongoing civil war has also caused a decline in international interest in the country\u2019s resources. Making its GDP decline over the year to $2.3 billion after peaking at $2.5 billion in 2012.<\/p>\n<p>In a June 2 tweet, CAR\u2019s 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\u2019s mineral resources and create a revenue source through the hub.<\/p>\n<p>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.<\/p>\n<h2>Get an Edge on the Crypto Market \ud83d\udc47<\/h2>\n<p>Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.<\/p>\n<p>  <strong>On-chain analysis<\/strong><\/p>\n<p>  <strong>Price snapshots<\/strong><\/p>\n<p>  <strong>More context<\/strong><\/p>\n<p> Join now for $19\/month Explore all benefits<script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/cars-president-announces-crypto-hub-sango-launch-date\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central African Republic President Faustin-Archange Touad\u00e9ra, on June 27, announced the country\u2019s crypto hub \u201cSango\u201d launch date. The crypto hub will go live on July 3 during a conference organized to mark its launch. With #Bitcoin as #legaltender &amp; inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":5302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-5301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5301"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5301\/revisions"}],"predecessor-version":[{"id":5303,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/5301\/revisions\/5303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/5302"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}