Africa is on the path to drive crypto adoption further through its government backed Sango Crypto Hub. The Sango Hub will lead the way for the African countries to present themselves as the crypto hub and attract investment to the sector. The CAR region is also planning to regulate the way forward for a faster adoption moving forward.
The president of the CAR region Faustin-Archange Touadéra said, “ We are looking for a common cryptocurrency to speed up market adoption and push the growth forward in Sango and Africa.”
Financial inclusion is also an issue in Africa and through crypto, it can be effectively achieved. Most Africans have access to mobile phones and through its use, they can easily use crypto and empower themselves for the future.
However, the announcement has brought some backlash from the World Bank. They have said that such initiatives will push the CAR region away from World Bank’s aid. The World Bank has said the same with crypto friendly countries like El Salvador. However, such things will stifle innovation in Africa.
At the moment, the CAR region wants to introduce blockchain to real -estate. This is a noble initiative considering the fraud in the sector. NFTs will be used to list properties and tokenize the same for sustaining the ecosystem. Along with this, there’s also a plan to develop local bitcoin wallets that can help streamline smooth micro payments.