Central African Republic bullish on crypto; unveils plans for crypto tax haven and crypto wallet 

The Central African Republic has unveiled plans for Sango, a crypto tax haven island, and a crypto wallet as a part of its plans to revamp the financial system of the country.

President Faustin-Archange Touadera of the Central African Republic (CAR) took to Twitter on May 24 to announce the launch of "Sango," the country's first crypto initiative, which aims to attract crypto enthusiasts from across the world.

The document also detailed that the African nation would facilitate land acquisition for crypto investors in the country. Moreover, the document also promises that the local government would "fully support" access to the country’s natural resources, which include gold, diamonds, uranium, lithium, and oil.

Furthermore, Sango will feature "the crypto island," which is described as the "first island in the metaverse backed by an actual island."

As per the information released by the country, the island's legislative structure will include an e-residency program, citizenship by investment, online firm registration, and no income or corporation taxes. CAR now intends to finish the specialised legal framework before the end of the year.

The country also unveiled plans for its Bitcoin wallet. The crypto wallet would transfer Bitcoin via the Lightning Network. The Lightning Network is a Bitcoin second-layer architecture that enables transactions to be cheaper and faster.

Also Read: Crypto markets remain flat; BTC, BNB up, XRP, Doge down - BusinessToday

Also Read: Ted Cruz wanted to make Texas oasis for Bitcoin, hours before shootout