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Central African Republic To Build Tax-Free Crypto Island

Central African Republic To Build Tax-Free Crypto Island

  • CAR to build crypto island to attract businesses and global crypto enthusiasts
  • Sango island seeks to link the real world to the Metaverse representation
  • Legal framework includes an E-residency program, citizenship by investment
  • CAR to create a wallet to send, receive and store BTC

The Central African Republic, the first country in Africa to make Bitcoin legal tender and second in the world after El Salvador, Tuesday announced the building of Sango, a crypto island to attract businesses and global crypto enthusiasts.

According to a 24-page document detailing the project’s goals, Sango will be declared a “Crypto Economic Zone” that will allow people to propose, view, and contribute to the future developments of the crypto island, the first island in the Metaverse backed by reality.

The initiative was started by the Central African Republic National Assembly and supported by President Faustin-Archange Touadera.

Intricacies

According to the document, Sango island seeks to link the real world (real estate, fractional ownership) to the Metaverse representation, while adding extra layers for future expansion and allowing users to manage their NFTs in the Metaverse in order to unlock additional functionalities like marketplace, ownership, funding, and tokenization of assets.

Sango will also allow NFT minting in the Metaverse for an additional layer of business services.

The legal framework of Sango includes an E-residency program, citizenship by investment, online business registration, and no income and corporate tax. The legal framework will be put in place before the end of 2022.

Allocation of Resources

The state will support access to the country’s natural resources like gold, diamonds, uranium, iron ore, copper, coltan, cobalt, nickel, lithium, and petroleum.

Bitcoin wallet

CAR also plans to create a Bitcoin wallet to send, receive and store BTC that will be compatible with the Lightning Network, Bitcoin’s second-layer protocol for cheaper and faster payments.

The wallet will also be compatible with point-of-sale (PoS) for businesses to accept bitcoin payments and feature an integrated accounting system.

The document also mentions plans to finalize the Central African Backbone (CAB) internet interconnection before the end of the year to power its “entire digital transformation.

Murtuza Merchant

Murtuza Merchant

Murtuza Merchant is a senior journalist, having been associated with various publications for over a decade. An avid follower of blockchain tech and cryptocurrencies, he is part of a crypto advisory firm that advises corporates – startups and established firms on media strategies.