Central African Republic President Faustin-Archange Touadéra is set to launch a new crypto project called Sango, the first crypto startup designed to strengthen the country's image as an emerging crypto hub in Africa.

In a statement posted on his official Twitter account, the president said:

   “For us, the old economy is no longer an option.

With the launch of the Sango project, we will enter a new phase... It is designed to transform our country and pave the way for a bright future."

Touadéra praised bitcoin (BTC) and blockchain technology in a statement.

   "They have the potential to reshape the financial world by making it more precise, more transparent, more supply-oriented, more decentralized and more reliable."

Faustin-Archange Touadéra

He also referred to Law No. 22.004 of April 22, 2022 recognizing BTC as the “official digital currency” of the Central African Republic.

This latest development comes weeks after the Central African Republic confirmed reports that it has adopted Bitcoin as its official currency, making it the second (after El Salvador) in the world and the first in Africa to do so.

The politician did not disclose details of Sango, but said the project "will go beyond politics and management by offering a new model of economic management and a pathway for alternative strategic digital investments."

In response to this initiative, the World Bank has expressed concern about how the lack of transparency inherent in the Central African Republic economy could affect financial inclusion in a country that relies on international donors for more than 50% of its budget, Bloomberg reported.

Btc Africa

The World Bank, in its analysis of the country's political and economic situation, said that the country is one of the poorest and weakest countries in the world, despite its significant natural resources.

   "Supported by the power transition in 2015, the authorities implemented various reform programs that helped restore macroeconomic stability and set the economy on a relatively sustainable path of recovery in the 2015-2019 period.

However, its growth rate has been slower than other countries in the region, which have been experiencing civil wars since 2020 and threatened by overlapping crises."

Earlier this month, the World Bank approved a $35 million project to implement digital governance in the country's public sector.