The World Bank Fears Launch of Crypto Hub in Central African Republic

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The authorities of the Central African Republic have not only recognized Bitcoin as a legal means of payment, but have also announced the creation of a center for the development of the blockchain industry.

According to the country, the crypto hub will appear as part of the Sango project. However, international financial organizations are expressing their concern about the plans of the CAR.

For example, the World Bank has said the creation of a crypto hub in the Central African Republic is a dangerous precedent. The institution had earlier announced a $35 million grant from the Central African Republic to digitalize the financial sector. However, according to the institution, these funds cannot be spent by the authorities on the implementation of the Sango project.

The World Bank has taken the chance to remind Bitcoin transactions are not controlled by anyone, and the mining of cryptocurrencies negatively affects the environment.

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