The news comes exactly one month after the Central African Republic became the second country in the world to adopt Bitcoin (BTC) as legal tender. “The formal economy is no longer an option” the President of CAR asserted in his Monday statement.
The island of Sango already has a website through which those interested in the new crypto hub can join a waitlist. According to Sango Island’s official leaflet, there will be a lot of innovative perks for investors, including:
Developing Countries Striving for Innovation
It is worth mentioning that the Central African Republic has received a lot of inspiration from countries like Malta and Portugal, where the environment for crypto has been very welcoming. However, it will not be easy to achieve stability, as El Salvador has demonstrated by example. The International Monetary Fund (IMF) is a staunch critic of the attempts by El Salvador and other impoverished countries to be at the forefront of innovation.
This signals an improvement in the approach of the global market, as international organizations are starting giving crypto the green light in developing countries. The measures are also appealing to the citizens of such nations who live in poverty, as they have much to gain from the infrastructure and systems being implemented correctly.
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Source: Cryptocurrency - investing.com
