Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
The second country to recognize Bitcoin as an official currency currency is a medium of exchange that defines value. will open a “cryptocurrency hub” to attract entrepreneurs in the industry
- Sera ” the first legal cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. center recognized by a country’s parliament ” African.
- Dubbed ‘Project Sango’ it proposes exemption from income and corporate taxes.
- There is no specific date, but the government is expected to develop a legal framework by 2022.
The Central African Republic has hinted at the creation of a new “ cryptocurrency center ” para atraer a los negocios y entusiastas del sector al país con limitados ingresos económicos.
After becoming the second nation in the world to recognise the Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. as legal tender after El Salvador, the Central African Republic (CAR) is leading new efforts to promote the adoption of digital assets.
Referred to as Project Sango the initiative “ paving the way to a digital digital technologies are these electronic tools that have the ability to generate, store or even process data. future of infinite possibilities “, as read in the website project officer. The plans were published on Monday on the official website of Facebook of the government, as reviewed byThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.. The president of the nation, Faustin-Archange Touadéra, also shared on Tuesday a tweet with a link to the project.
Following the unanimous adoption by the National Assembly of the legal tender status of Bitcoin We are pleased to present the first concrete initiative! It goes beyond politics and administration and has the potential to reshape the financial system of CAR ! #Bitcoin
Following the unanimously adoption by the National Assembly of the #BTC legal tender status, we are pleased to showcase the first concrete initiative! It goes beyond politics&administration & has the potential to reshape #CAR ’s financial system! #bitcoin https://t.co/1oxLHOen6q
– Faustin-Archange Touadéra (@FA_Touadera) May 24, 2022
Sango: a “ cryptocurrency economic zone “
According to a project presentation online, one of the main objectives of the proposal will be to establish “ the first legal cryptocurrency center recognized by a country’s parliament “African. The 24-page document is filled with images of undulating skyscrapers, lakes with sailboats and blue skies, which seem to provide a supposed outline of the plans.
Entre las intenciones esbozadas, el proyecto Sango buscará institute a ” cryptocurrency economic zone “where users will be able to propose, view and contribute to its future development.
According to the document, the Central African Republic’s plans include “. facilitate the acquisition of Bitcoin land for investors from all over the world “and create a National Digital Bank. The government said in the document that it also ” will fully support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. The “access to the country’s natural resources such as gold, diamonds, uranium, lithium and oil.
La presentación también hace mención de algunos beneficios para entusiastas y empresarios del sector, incluyendo un programa de residencia electrónica, ciudadanía por inversión, registro comercial en línea y no income or corporate tax for crypto enthusiasts and entrepreneurs.
Mention is also made of the creation of una billetera to send, receive and store Bitcoin which will be compatible with Lightning Network a network refers to all nodes in the operation of a blockchain at any given moment in time. the second layer protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. of Bitcoin for cheaper and faster payments. The wallet a place where cryptocurrency users can store, send and receive digital assets. will also support point-of-sale (PoS) for businesses to accept payments in the cryptocurrency and have an integrated accounting system.
Central African Republic moves to Bitcoin
While more precise logistical details are still scarce, the document advances that the African government plans to design a specific legal framework to boost the cryptocurrency hub before the end of 2022. According to Bitcoin Magazine The project appears to be driven by the National Assembly of the Central African Republic with the support of President Touadéra.
Last month, the African nation was became the first African nation to adopt Bitcoin as official currency along with the CFA franc backed by France.
As he points out The Blockthe landlocked country is among the least developed economies in the world and agriculture is the largest contributor to its GDP. According to cifras According to the World Bank, the Central African Republic’s economic output stood at only USD$ 2380 million as of 2020 and the country ranks near the bottom of the United Nations Human Development Index.
- President of Central African Republic: Mathematics is the language of the universe, Bitcoin is the universal currency
- International Monetary Fund warns Central African Republic on risks of officially adopting Bitcoin
- “La Casa del Bitcoin”: educational center created by a crypto platform a place to buy, sell and store cryptocurrency in El Salvador
Article by Hannah Estefania Perez / DiarioBitcoin
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