The Presidency of the Central African Republic has issued a press statement announcing the upcoming inauguration of the continent’s first “legal investment center” for bitcoin.

The “SANGO” bitcoin investment platform will soon be formally launched, according to the same source.

“No longer is the formal economy an option. We are stymied by incomprehensible bureaucracy within ineffective systems. The solution required a revision of our economic theory,” the President Faustin-Archange Touadéra said in his statement. “The SANGO project transcends politics and government. It is a new method of economic governance and a vehicle for alternative digital investments, bringing minimum risk and remarkable fluidity and adaptability particular to the current digital period.” 

The opening date and operation of the investment center were not disclosed.

On its website, prospective investors can sign up for a waiting list.

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According to the United Nations, the Central African Republic is the second-least developed country in the world. In April, it became the first country in Africa and only the second in the world (after El Salvador) to adopt Bitcoin as its official currency, despite warnings from the International Monetary Fund (IMF).

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The Central African Banking Commission (COBAC), the institution through which the Common Central Bank of CEMAC countries (BEAC) regulates banking activities, recently recalled that it is “illegal to convert, settle, or cover in currency or FCFA, transactions relating to cryptocurrencies or having a connection to them.”

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Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh