SANGO
The Sango Project is a “Crypto Initiative” started by the Central African Republic National Assembly and supported by the President of the Republic. Sango represents the Central African Republic’s efforts in creating the necessary conditions for a digital-first blockchain based economy. The future of the Central African Republic is represented by its youth and the country’s vision is to reform the entire economy based on young people and technology. The Central African Republic is looking to build a digital monetary system powered by blockchain technology and based on Bitcoin “digital gold”. A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. There have been attempts to create digital money in the past, which repeatedly failed until Bitcoin led to the development of a new form of decentralized money called cryptocurrencies. Blockchain has been referred to as one of the pillars of the Fourth Industrial Revolution. Using blockchain technology represents an opportunity for underdeveloped countries such as the Central African Republic to attain the same level of development as some of its first world counterparts, while implementing a digital monetary system. For a country with a mostly unbanked population, using the blockchain technology as the framework for their entire economic system represents the chance for leapfrogging into the Web3 revolution. The Central African Republic is looking to create a complete legal framework that supports cryptocurrencies and crypto-related businesses. The first steps have already been taken with Bitcoin becoming legal tender in April 2022, as per the Bitcoin Law (Law no. 22 / 21st of April). In addition, the law also mandates the following: 1. Bitcoin Standard: Reference currency. 2. All exchanges of cryptocurrencies and related business are not subject to taxes. 3. The incorporation of the National Agency for Regulation of Electronic Transactions (Agence Nationale de Régulation de Transaction Électronique “ANRTE”). The Central African Republic started its cryptocurrencies journey in 2020, with extensive research and studies, with the final aim of identifying the optimal best applications for the country’s institutions and population. These efforts have led to a straightforward plan designed to steer the country towards a digital monetary system powered by blockchain technology and based on Bitcoin as the digital gold. 6 The plans have been drafted by the Central African Republic, along with the Sango Initiative document. The main directions followed by Sango are described in the following points: ● Democratized and decentralized access to natural resources through tokenization. ● Creation of a Crypto City and a Crypto Island. ● Development of the African Crypto Hub. ● Development of Sango App: acting as a gateway between the citizen and the State. ● Facilitation of Bitcoin mining through renewable energy sources. Hence, the purpose of this Whitepaper document is to accurately describe the Central African Republic Initiative, Sango, including the technical elements of the Sango blockchain and the business development plans
