CAR legalises bitcoin, introduces digital currency
— Special economic zone, Considering legalising cryptocurrency, Legal tender, Africa, Ambitious strategy, Developed country, Control, Cash, Cryptocurrency — 1 min read
CAR is developing its own cryptocurrency, the Sango Coin, with plans to create a “crypto island” President Faustin-Archange Touadéra says the country will be the “first African crypto-hub” with zero taxation. CAR became the first country in Africa to adopt bitcoin as legal tender in April. The move is widely seen as being at least partly aimed at helping circumvent sanctions on CAR ally Russia, but it comes at an especially inauspicious time as the price of bitcoin has been free-falling and many cryptocurrency platforms are facing bankruptcy. The CAR has been under international sanctions for almost a decade as civil war rages on, complicating the country’s access to financial markets. Source