The Central African Republic (CAR) authorities are planning to create a special economic zone in the metaverse, the Crypto Island, as part of the Sango crypto hub project.
The President of the Central African Republic, Faustin-Archange Touadéra, said that the government is focused on developing the country’s blockchain infrastructure. On his Twitter account, he pointed out that the Sango crypto hub will be officially launched on July 3.
Despite the World Bank’s concerns about the CAR’s adoption of Bitcoin as legal tender, the country’s authorities continue to work on the crypto investment hub.
The hub’s official launch is scheduled to coincide with an event at which the president, government members and industry experts will discuss the physical and digital infrastructure necessary for the Central African Republic to enter crypto space. The CAR plans to develop a specific legal framework for using digital currencies in the state by the end of this year.
According to Sango’s website, the project involves the creation of a virtual “crypto island.” The Crypto Island will be a special economic zone in the metaverse, which will have an equivalent space in the physical world.
The Crypto Island will allow users to:
- participate in the further development of the country’s digital infrastructure;
- link real-world objects with objects in the metaverse to expand economic opportunities;
- mint NFTs in the metaverse;
- provide financing for DLT-based projects.
In addition to building a “crypto island,” the Sango’s initiative involves developing a digital ecosystem that will include:
- A cryptocurrency wallet for Bitcoin, which will not only allow for crypto payments within the country, but will also include a comprehensive automatic VAT accounting system.
- A digital user identification protocol. The tool will include encrypted biometric data, keeping it confidential.
- Physical asset tokenization service for free access to capital and expansion of investment opportunities.
Recently Touadéra announced the CAR’s intention to issue tokens backed by fossil natural resources.
