Tuesday, July 05, 2022

Facilitating the wealthy in CAR

 The Central African Republic has launched its government-backed cryptocurrency hub called Sango - named after one of the country's official languages. It follows the country's adoption of Bitcoin as legal tender in May, only the second country after El Salvador, to adopt Bitcoin as legal tender.

According to Mining Minister Rufin Benam Beltoungou the project will help people invest in the country's significant mining resources among other things. The project's website also says that an island dedicated to cryptocurrency will be created on the Oubangui River where investors can invest without paying taxes and have a digital residence.

The government estimates Central Africa Republic's natural resources to be worth more than $3 trillion (£2.4 trillion).

 90% of the CAR population does not have access to the internet.

So just who is this to benefit other than the rich elite. Certainly, not the war-weary poverty-stricken majority.  

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