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World Bank removes support for Sango Cryptocurrency Center
The World Bank expressed concern that Central Africa could recognize bitcoin as legal tender and said it was withdrawing support from the Sango cryptohub.
In April, the President of the Republic prepared the legal framework that will apply to digital assets and confirmed that bitcoin is a legal means of payment. Also at the end of May, it was announced the introduction of the Republic's first China-currency hub Sango.
In the official documentation, to which the description of the project itself is attached, you can find an excerpt where it is written that approval was received from the World Bank for the provision of financing for the program for development in the amount of $ 35 million. At the same time, it was described that the gran has no connection with the digital currency , and it does not support the Sango platform.
The donated grant was provided to improve and digitize the existing system. The statement also announced that funding for the platform was not possible.
“We fear that transparency will not be provided. Additionally, there may be consequences in accessing finance in general, and there are also significant environmental disadvantages.” The adoption of CAR Bitcoin was also negative, as this could lead to destabilization of assets.
“It is very important that all institutions, for example, the central bank, receive detailed advice and continue to act according to existing regulations.”
At the same time, the speed of cryptocurrency integration has increased dramatically and the number of transfers has increased by 2.5 thousand percent. There is no clarity about the integration of digital assets in the Central African Republic, as only 7 percent of the population has access to the Internet.
In April, the President of the Republic prepared the legal framework that will apply to digital assets and confirmed that bitcoin is a legal means of payment. Also at the end of May, it was announced the introduction of the Republic's first China-currency hub Sango.
In the official documentation, to which the description of the project itself is attached, you can find an excerpt where it is written that approval was received from the World Bank for the provision of financing for the program for development in the amount of $ 35 million. At the same time, it was described that the gran has no connection with the digital currency , and it does not support the Sango platform.
The donated grant was provided to improve and digitize the existing system. The statement also announced that funding for the platform was not possible.
“We fear that transparency will not be provided. Additionally, there may be consequences in accessing finance in general, and there are also significant environmental disadvantages.” The adoption of CAR Bitcoin was also negative, as this could lead to destabilization of assets.
“It is very important that all institutions, for example, the central bank, receive detailed advice and continue to act according to existing regulations.”
At the same time, the speed of cryptocurrency integration has increased dramatically and the number of transfers has increased by 2.5 thousand percent. There is no clarity about the integration of digital assets in the Central African Republic, as only 7 percent of the population has access to the Internet.
