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World Bank Rejects Central African Republic’s Bitcoin Island Plan

Cryptocurrency May 31, 2022 10:31AM ET
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World Bank Rejects Central African Republic’s Bitcoin Island Plan

Recently, the Central African Republic became the second country in the world to adopt Bitcoin as legal tender. Soon after, the country announced plans to build a crypto hub called “Sango” on an island, taking further inspiration from El Salvador’s example. However, the World Bank strongly opposes the nation’s strategy.

Living the Crypto Dream in Sango

Just last week, CAR’s President Faustin Archange Touadera expressed his profound love for crypto, saying “an impenetrable bureaucracy is keeping us stuck in systems that do not give [emerging economies] a chance to be competitive”.

The proposal for the Sango crypto hub presents some ambitious ideas for attracting crypto enthusiasts and investors. Benefits and incentives to get involved with Sango include e-residency passports that can be acquired through investment, tax-free zones, and zero percent charges for cryptocurrency exchanges. Crowdfunding for the infrastructure and other local projects is in the works for crypto firms looking to take up residence in the crypto hub, but they will first have to join a waiting list.

$35 Million Worth of Confusion

The official site of the Sango crypto hub states that “The Central African Republic received approval for a $35 million fund from the World Bank for the digitalization of the public sector”. However, it now seems that the World Bank wants nothing to do with the ongoing crypto project, responding to the statement with the disclaimer: ‘The World Bank is not supporting ‘Sango: The First Crypto Initiative Project’, nor any other crypto initiatives”. Allegedly, the approved money the CAR spoke of was intended to be used for the digitization of salary payments and tax collection systems.

On the Flipside

  • Last month, the Central African Republic became the second country in the world to officially adopt Bitcoin as legal tender.
  • Earlier this month, President of El Salvador Nayib Bukele presented his Bitcoin City model to the world.

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World Bank Rejects Central African Republic’s Bitcoin Island Plan
 

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