Central African Republic on track to become the first African crypto hub? –

Last April, the Central African Republic made Bitcoin its national currency in the same vein as its fiat currency, the CFA franc, and in the process launched the Sango project, which would make the African country the first on the continent to create a digital island. where foreign digital investors will be exempt from tax and will receive Central African citizenship. So will the future of cryptocurrencies be set in Africa? What is the Sango Project? Can we invest in digital currency and benefit from its development?

The Central African Sango Project

If the Central African Republic recognizes BTC as an official currency in 2022, following El Salvador in 2021 and an Ecuadorian ethnic group, it seems that the country currently lacks the strength of its ambitions with only 11% of the population having access to the Internet. But according to the words of the Central African President and the National Assembly, everything will be done in the coming years to make the Central African Republic a crypto hub in Africa, and this goes through the Sango project. This project was supposed to aim to create the first “African crypto-hub”, that is, a center that would welcome crypto-investors and develop BTC into a recognized currency position in the same way as all global fiduciary currencies.

Central African Republic, a welcoming country for cryptocurrencies?

The government authorities responsible for the Sango project are responsible for legalizing cryptocurrencies on Central African territory and creating the National Digital Bank of the Central African Republic. The state ensures that it supports this project and will make sure to attract all foreign crypto-active investors by offering them access to Central African raw materials such as diamonds, gold, iron ore…

The state will offer the possibility to buy land in Bitcoins, Sango Island will double its hosting load as it will be present in the metaverse and will open its doors to NFTs. This project works on paper, but the data does not provide real explanations of where Sango will be built, how the infrastructures will be installed, which companies will be approached for the project, how the internet connections will be brought, etc.

The Central African Republic’s legitimate ambitions may remain utopian despite Russian support in the area. Indeed, it seems that Russia has gambled on the officialization of BTC as a national currency. These data shed new light on the creation of Sango Island, which could become a major geopolitical platform in the future.

Why invest in cryptocurrencies?

The Central African project is ambitious, and even if it does not succeed, it shows the growing interest in digital currencies. Bitcoin still represents a significant investment despite its decline for several months (from $70,000 in November 2021 to $29,745 in June 2022). Its increase is not expected in the coming months, but there is no doubt that the price of BTC will return to its highest level during the next Bitcoin Halving in 2024. During this event, the number of Bitcoin is halved (in 2019 it had decreased from 26.5 to 12.25 and at the next halving it should be 6.125), which automatically raises the value.

How to invest in cryptocurrency?

To invest and buy Bitcoin or other cheaper digital currencies (such as Tron, Tether which is worth about $0.99 per unit at the moment) it is possible to go to the website of a French broker such as AvaTrade, E Toro and create an online account that allows you to buy all the digital currencies available on the financial markets. It is then possible to either sell at a profit or to wait for the rate of the currency to rise in the medium or long term, it all depends on the investment strategy.

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