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In August 2023, the team behind the national digital currency project "Sango" in the Central African Republic (CAR) announced that the country's legislative body had passed the "Tokenization Law." This law paves the way for future tokenization operations related to land and natural resources, removing legal obstacles in the process.
In April 2022, the Central African Republic became the second country, after El Salvador, to accept Bitcoin as legal tender. In July of the same year, the official "Sango" project was launched to support the "Cryptocurrency Initiative" initiated by the country's parliament. As of now, the Central African Republic has become one of the most crypto-friendly countries in the underdeveloped regions of the world.
The Sango project is a crucial initiative stemming from the "Cryptocurrency Initiative" led by the Central African Republic's parliament, with the endorsement of the President. It represents the country's determination to establish a blockchain-based digital economy. The project's roadmap outlines key milestones, including the tokenization of land and natural resources to provide democratic and decentralized investment opportunities, the development of crypto cities and islands, becoming a crypto hub in Africa, and the creation of the Sango App as a bridge between residents and the city. Additionally, sustainable energy will support Bitcoin mining projects.
The Sango project is responsible for issuing the native token of its ecosystem, known as SANGO, with a total supply of 21 billion tokens. SANGO was deployed on a Bitcoin sidechain to leverage the liquidity of Bitcoin. SANGO holders can stake tokens to gain different privileges, such as citizenship (with a 5-year stake), residency (with a 3-year stake), and property rights to land (with a 10-year stake).
The project also includes plans for a 1:1 corresponding Crypto City metaverse, where investors can manage properties virtually. This experience aims to bridge the gap between the virtual and physical worlds.
In August 2023, the Sango project team announced the passing of the "Tokenization Law" by the country's legislative body. This law sets the stage for the future tokenization of real-world assets, including land, agriculture, and natural resources. It also enables online business visa acquisition, simplifies enterprise establishment for citizens and foreigners, and grants real estate, agriculture, natural resource extraction, and forestry licenses.
The Central African Republic's adoption of Bitcoin and blockchain technology reflects its aspirations to break free from historical constraints and harness the potential of these technologies for economic development. The Sango project's whitepaper emphasizes the transformative potential of blockchain for underdeveloped countries, allowing them to establish efficient digital currency systems and achieve development levels comparable to developed nations.
The Central African Republic aims to establish a comprehensive legal framework that supports cryptocurrency and crypto-related activities, including adopting Bitcoin as legal tender, providing tax exemptions for all crypto-related activities, and enacting other applicable laws.
In sum, the Sango project is a testament to the aspirations of underdeveloped regions like the Central African Republic, which seeks to leverage Bitcoin and blockchain technology to propel itself into a brighter future. Despite historical challenges, these nations view these technologies as logical solutions for economic progress and development. |
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Post time 4-9-2023 11:10:42
