The Central African Republic government is launching its cryptocurrency hub it named Sango, nearly three months after adopting Bitcoin as one of its official currencies.
President Faustin Archange Touadéra launched the hub on Sunday in a live announcement on social networks.
The name “Sango” is in one of the country’s official languages.
“Sango means the language of money and wealth. Cryptocurrency helps the poor gain control over their investment,” President Touadéra said.
According to Mining Minister Rufin Benam Beltoungou, “the specifics are not yet clear, but the project will help people invest in mining resources among other things”.
Many concerns remain about the adoption of cryptocurrency in the country, especially after the collapse of Bitcoin by more than 20% last month.
Recall that the Cemac Banking Commission (Cobac), did not accept the adoption by the Central African authorities of Bitcoin as one of its official currencies.