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#Economy #Government #Investment #News #Africa
Agence Ecofin
30 May 2022 Last update on Monday, May 30, 2022 At 10:50 AM

A month after making Bitcoin legal tender, the Central African Republic is expanding the adoption of digital finance by launching a parliament-recognized cryptocurrency investment hub.

The presidency of the Central African Republic announced, in a press release published on the evening of May 23, the imminent launch of a “legal investment center” in bitcoins, the first of its kind in Africa.

Called “SANGO”, this bitcoin investment platform will soon be officially launched, the same source said.

“The formal economy is no longer an option. Impenetrable bureaucracy keeps us stuck in systems that offer no chance of performing. The solution was to rethink our economic philosophy,” President Faustin-Archange Touadéra said in the statement.

“The SANGO project goes beyond politics and administration. It is a new mode of economic governance and a vehicle for alternative digital investments, presenting minimal risk and great fluidity and adaptability specific to the new digital era in which the world finds itself today,” he said. added, without further details.

No details were revealed on when the investment center will open or how it will operate. It has a website where interested investors can join a waiting list.

The second least developed country in the world according to the UN, the Central African Republic became last April the first country in Africa and only the second in the world (after El Salvador) to adopt Bitcoin as its official currency, despite warnings of the International Monetary Fund (IMF).

The Central African Banking Commission (COBAC), the institution through which the Common Central Bank of CEMAC countries (BEAC) regulates banking activities, recalled that it is “prohibited to convert, settle or to cover in currency or FCFA, transactions relating to cryptocurrencies or having a link with them”.

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