Finance

CAR to create Africa’s first legal bitcoin investment hub

CAR to create Africa’s first legal bitcoin investment hub
Wednesday, 25 May 2022 05:47

One month after the country adopted bitcoin as a legal tender, it is planning to launch a cryptocurrency investment hub. 

The Central African Republic (CAR) will soon launch Africa’s first “legal bitcoin investment hub,” baptized “Sango.” The project was announced in a release published by the Presidency on May 23. 

“We can no longer rely solely on the current economic system. With its unfathomable bureaucracy, it keeps us stuck in a system that gives us no chance to be performant. The solution was to reshape our economic philosophy,”  the release reads citing President Faustin-Archange Touadéra. 

"Project SANGO is beyond politics and administration. It is a new economic and governance model and a medium for alternative digital investments that carry minimal risks but offer greater flexibility and versatility suited for the digital era we are in now,” he added. 

The release provided no details on when and how the investment center will operate. However, interested investors can register on the wait list through a dedicated website. 

According to the UN, CAR is the second least developed country in the world. In April 2022, it became the first African country and the second in the World (after El Salvador) to adopt bitcoin as an official currency, despite the International Monetary Fund’s warnings. 

After the country's adoption of the bitcoin as an official currency, the  Central African Banking Commission (COBAC) reminded that it was prohibited to convert, settle or hedge cryptocurrency-related transactions using the CFA Francs.  

On the same topic
International Finance Corporation approved a senior loan of up to €50 million ($58 million) to Société Générale Sénégal to expand financing for...
Persistent launched the $70 million Persistent Africa Climate Venture Builder Fund (ACV Fund)to finance African climate startups. The fund...
Fund targets office, logistics, industrial, mixed-use projects in urban hubs First investment: office development site in Casablanca’s Casa-Anfa...
Rwanda launches 2025-2030 roadmap to expand financial inclusion Formal financial inclusion rose from 21% in 2008 to 92% Strategy targets...
Most Read
01

The BCEAO cut its main policy rate by 25 basis points to 3.00%, effective March 16. Inflation...

BCEAO Cuts Key Rate to 3.00% as WAEMU Faces Deflation
02

Ethio Telecom has signed a new agreement with Ericsson to expand and modernize its telecom netwo...

Ethiopia’s State-Owned Telco Teams Up With Ericsson to Expand and Upgrade Its Network
03

EIB commits over €1 billion for renewable energy in sub-Saharan Africa Funding supports Miss...

EIB Commits €1 Billion to Renewable Energy Under Africa’s “Mission 300” Initiative
04

MTN Zambia tests Starlink satellite service connecting phones directly from space Direct-to...

Satellite direct-to-device telecoms: promise, momentum and hard limits
05

Nigeria introduced a 1% flat tax on the turnover of informal-sector businesses under a new presump...

Nigeria Rolls Out 1% Tax on Informal Businesses Under New Fiscal Framework
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.