{"id":42193,"date":"2022-07-04T18:12:42","date_gmt":"2022-07-04T18:12:42","guid":{"rendered":"https:\/\/www.africannewspaper.net\/2022\/07\/04\/central-african-republics-crypto-island-scheme-provokes-scepticism-african-business\/"},"modified":"2022-07-04T18:12:54","modified_gmt":"2022-07-04T18:12:54","slug":"central-african-republics-crypto-island-scheme-provokes-scepticism-african-business","status":"publish","type":"post","link":"https:\/\/www.africannewspaper.net\/2022\/07\/04\/central-african-republics-crypto-island-scheme-provokes-scepticism-african-business\/","title":{"rendered":"Central African Republic&#8217;s &#8216;Crypto Island&#8217; scheme provokes scepticism &#8211; African Business"},"content":{"rendered":"\n<div data-poool=\"90\" data-poool-mode=\"hide\">\n<p>Two months after adopting bitcoin as an official currency, the Central African Republic (CAR) has officially launched Sango Coin, a controversial cryptocurrency, and announced plans to launch Africa\u2019s first zero-tax crypto-hub.<\/p>\n<p>\u201cSango will be the new generation currency of the Central African Republic,\u201d said President Faustin-Archange Touad\u00e9ra\u00a0during a virtual government event held on 3 July.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We are grateful to all of you who attended yesterday&#8217;s event. <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Sango?src=hash&amp;ref_src=twsrc%5Etfw\">#Sango<\/a> Genesis Event!<br \/>You can now watch the recording on Youtube and be inspired to support us even further! <a rel=\"nofollow\" href=\"https:\/\/t.co\/zZiB2IVd1H\">https:\/\/t.co\/zZiB2IVd1H<\/a><\/p>\n<p>\u2014 Sango (@sangoproject) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/sangoproject\/status\/1543988112258375687?ref_src=twsrc%5Etfw\">July 4, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<p>It is not clear how Sango Coin will work alongside the country\u2019s official adoption of bitcoin, which was announced in May, a move which attracted widespread scepticism from experts given that internet adoption in the country \u2013 one of the poorest in the world \u2013 is only around 10%.\u00a0<\/p>\n<p>But according to Touad\u00e9ra, Sango Coin will allow the country to exploit its untapped natural resources by facilitating investment through decentralised platforms and avoid the restrictions of the international financial system. Touadera also claimed that cryptocurrency will solve structural problems that prevent people from accessing basic financial services.\u00a0The president stated that 52% do not have access a bank account.<\/p>\n<p>\u201cThe smartphone is the alternative to traditional banking, cash and financial bureaucracy,\u201d he said.<\/p>\n<aside id=\"icp-link-block_62c320314b409\" class=\"icp_internal_link mt-4 mb-4 \">\n<\/aside>\n<h2>\u2018Crypto Island\u2019\u00a0<\/h2>\n<p>Touad\u00e9ra says that the new tax-free crypto hub will be \u201cthe catalyst for the tokenisation of vast natural resources\u201d, attracting crypto-rich investors around the world to invest in the CAR\u2019s untapped minerals.\u00a0<\/p>\n<p>The project will also involve the launch of \u201cCrypto Island\u201d. This platform is intended to be a metaverse platform that will allow virtual palaces, casinos and large stadiums to be built. Real property in Bangui, the capital of the CAR, will also be used.<\/p>\n<p>The CAR was the first African country to accept bitcoin as legal currency earlier this year. It also became the second-most popular country in the world after El Salvador, raising concern among international institutions.<\/p>\n<p>The IMF said that CAR\u2019s adoption of bitcoin as an official currency \u201craises major legal, transparency, and economic policy challenges\u201d.<\/p>\n<p>The Bank of Central African States (BEAC), whose role is to enforce monetary policies in the six-member Central African Economic and Monetary Community, said that the CAR\u2019s move on cryptocurrency is a threat to the stability of its common currency and prohibited its use within the bloc.<\/p>\n<p>But Touadar\u00e9 believes Sango \u2013 named after the official language of the CAR \u2013\u00a0 is an opportunity to free the country from binding rules of financial institutions, and tap the potential of the informal economy.<\/p>\n<p>\u201cThe cash alternative is cryptocurrency. For us, a formal economy is no longer an option,\u201d he said.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Since the beginning of time, gold has been the engine of civilization. Digital gold will continue to be the engine of our civilization in the new age. <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/sangoproject?ref_src=twsrc%5Etfw\">@SangoProject<\/a>It is the foundation upon which we will build together. Our President speaks at the <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/hashtag\/Sango?src=hash&amp;ref_src=twsrc%5Etfw\">#Sango<\/a> Genesis Event, at 7PM: <a rel=\"nofollow\" href=\"https:\/\/t.co\/pdfamwRkz2\">https:\/\/t.co\/pdfamwRkz2<\/a><\/p>\n<p>\u2014 Faustin-Archange Touad\u00e9ra (@FA_Touadera) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/FA_Touadera\/status\/1543612921862832129?ref_src=twsrc%5Etfw\">July 3, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2>People of CAR \u2018will not see many improvements\u2019<\/h2>\n<p>However, experts fear that the CAR\u2019s enthusiasm for bitcoin could be a smokescreen for dubious economic activities.\u00a0The BEAC expressed concern about the possibility that cryptocurrencies could make money laundering easier for criminals.<\/p>\n<p>The construction of a \u201ccrypto island\u201d, says David Gerard, an independent technology journalist, is likely to resemble \u201cspecial economic zones, where whoever the richest people are make the laws.\u201d<\/p>\n<p>\u201cIf this scheme is going forward, outside people will take control of the resources, make all the money, and the people of CAR will not see many improvements, except for the ones at the top,\u201d says Gerard.<\/p>\n<p>\u201cTechnology is not involved. It\u2019s all about the financial instrument and business deals. It is all about people and the flow of cash. Technology does not do magic, and certainly does not make the money flow differently,\u201d he says.\u00a0<\/p>\n<p>Some have speculated that Russia\u2019s close interests in the CAR \u2013 which include the government-approved deployment of the Wagner Group of military contractors\u00a0 \u2013 could be served by the adoption of cryptocurrencies.\u00a0<\/p>\n<p>\u201cRussia has been trying to extend its influence in Africa a lot and wants African countries to back its position on Ukraine and it would pay people to do that,\u201d says Gerard.<\/p>\n<p><!-- AI CONTENT END 1 -->\n\t\t\t<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Source: <a href=\"https:\/\/african.business\/2022\/07\/technology-information\/central-african-republics-crypto-island-scheme-provokes-scepticism\/\">african.business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two months after adopting bitcoin as an official currency, the Central African Republic (CAR) has officially launched Sango Coin, a controversial cryptocurrency, and announced plans to launch Africa\u2019s first zero-tax crypto-hub. \u201cSango will be the new generation currency of the Central African Republic,\u201d said President Faustin-Archange Touad\u00e9ra\u00a0during a virtual government event held on 3 July. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":42195,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Central African Republic&#039;s &#039;Crypto Island&#039; scheme provokes scepticism - African Business - African News Paper<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africannewspaper.net\/2022\/07\/04\/central-african-republics-crypto-island-scheme-provokes-scepticism-african-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central African Republic&#039;s &#039;Crypto Island&#039; scheme provokes scepticism - African Business - African News Paper\" \/>\n<meta property=\"og:description\" content=\"Two months after adopting bitcoin as an official currency, the Central African Republic (CAR) has officially launched Sango Coin, a controversial cryptocurrency, and announced plans to launch Africa\u2019s first zero-tax crypto-hub. \u201cSango will be the new generation currency of the Central African Republic,\u201d said President Faustin-Archange Touad\u00e9ra\u00a0during a virtual government event held on 3 July. 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