Shaking crypto-doubters, the Central African Republic is progressing

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President of the Central African Republic of Faustin-Akange Touadera
  • Without significant improvements to the country's internet and electricity infrastructure, the plans will not get far, warned experts
  • "Project Sango" plans to create a digital National Bank, a crypto letter bag and an infrastructure that will make it possible to make real estate payments in Bitcoin

Less than two months after the introduction of Bitcoin as a legal means of payment, the Central African Republic has launched a “crypto hub” that aims to attract people who work with digital assets.

The "Project Sango" program includes plans for creating a digital National Bank, a crypto letter bag and an infrastructure that will make real estate payments in Bitcoin, according to a online presentation The government published together with a Facebook post Monday.

The project will gradually introduce legal cryptocurrency guidelines, with plans to create a "cryptoinsel" at some point.

The plans come because many question the role that crypto can play in a country that lacks essential digital infrastructure.

"This is a country with such a limited Internet availability and, as far as this is concerned, limited availability of electricity," said Steve Aschettino, a partner of Norton Rose Fulbright, who focuses on FinTech. "To enable Bitcoin transactions, at least two things are needed: electricity and the Internet."

The Central African Republic plans to "complete" the "Central African Backbone", the fiber optic internet backbone, which connects several countries in Africa until the end of the year, to enable their blockchain ambitions, the country said.

The sandbox-like initiative is the latest example that emerging countries of blockchain technology turn to. Argentina recently introduced a so-called "innovation center", which enables Fintech and cryptocurrency startups to build under the watchful eyes of the supervisory authorities. Panama and Jamaica also examine cryptor regulation and related applications.

"Integrated compliance and embedded surveillance can really accelerate innovations," said Carmelle Cadet, founder and CEO of the CBDC infrastructure provider Emtech. "If you wait for the regulatory framework before the innovation, this does not happen at the moment."

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The contribution Shrugging Off Crypto Doubter, Central African Republic Forges Ahead is not a financial advice.