An Island for Cryptocurrency and DeFi Talent is Set to Open in the Central African Republic 

Cryptocurrency

The CV-19 lockdown situation has brought about a global shift in how work is completed. With countries forced to go on lockdown for months, there was, unfortunately, a need to lay off workers in key industries. However, many tech companies decided to introduce the concept of a WFH (Work from Home) policy to retain talent.

Some sectors suffered economically during the pandemic. For certain sectors, like the cryptocurrency industry, the global cryptocurrency market size was USD 826.6 million in 2020 and fluctuated greatly. 

One of the key effects of CV-19, and its devastating impact on the economy, is that it has led to countries creating schemes to attract more talent to their country to help bolster themselves economically. The United Kingdom created a Global Talent Visa, Portugal created a Digital nomad Visa and, as well, removed tax on cryptocurrency earnings in the country.

The latest country to join this trend to attract global talents and investments into the country is the Central Africa Republic, with its focus on crypto talents.

The president of the Central African Republic, Faustin-Archange Touadera, announced that the country would create a crypto hub on the island of Sango within the country. Analysts are calling it a tax haven for crypto users. This will enable the island of Sango, and the CAR, to attract talents in the crypto and tech industry to the continent to further improve innovation.

This move doesn’t come as a shock to the crypto community. The Central African Republic became the second country after El-Salvador to adopt Bitcoin (BTC) as legal tender. “A formal economy is no longer an option,” the President of CAR asserted in his Monday statement.

Africa is gradually positioning itself as an opportunistic hub for crypto investors. Nigeria recently launched “E-naira”, aiming to solidify the country’s position as one of the hubs for cryptocurrency.

To most people in the crypto industry in Africa, it is more than an investment. They see holding crypto, especially stables, as a way of getting away from inflation and bad governmental financial policies.

With governments worldwide gradually adopting cryptocurrency as a legal tender, maybe a regulatory framework is not so far from being adopted. 

Featured Image: DepositPhotos © Alexmit

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