Central African Republic launches national cryptocurrency called “Sango Coin”. Sango Coin and Bitcoin BTC -0.48% will exist in the Central African Republic as recognized cryptocurrencies. The token will be used to modernize the country’s infrastructure and planned metaverse projects.
Central African Republic President Faustin-Archange Touadéra launched Sango Coin as the country’s national cryptocurrency at a virtual event on Sunday. Dubbed the “Sango Genesis Event,” the CAR president noted that the Sango Coin will be the CAR’s next-generation currency, without giving specifics. Cryptocurrencies are the solution to the problem of financial exclusion, the alternative to cash is cryptocurrencies, and the formal economy is no longer an option for us.
It is reported that on April 21, 2022, the National Assembly of the Central African Republic unanimously passed a bill to make Bitcoin legal tender. The Central African Republic (CAR) is the second country in the world to adopt Bitcoin as legal tender after El Salvador. After announcing the adoption of Bitcoin as legal tender, the Central African Republic (CAR) subsequently expressed its desire to create a cryptocurrency center, Sango, in the hope of This attracts cryptocurrency businesses and enthusiasts to the country. The initiative, called Sango, was launched by the National Assembly of the Central African Republic with the support of President Faustin-Archange Touadéra. According to the official page, Sango seeks to “pave the way for a digital future with limitless possibilities”.
The move to adopt cryptocurrencies in a country with low internet usage and unreliable electricity has caught the attention of crypto experts, confused lawmakers and residents, and prompted a warning from the International Monetary Fund.
However, the Sango project includes “Sango Coin,” which is backed by the Central African Republic’s National Assembly and led by Touadera, who said the coin would provide access to the country’s “mountains” of natural resources, including gold and diamonds. The Central African Republic government previously announced plans to tokenize the country’s natural resources, including oil, diamonds and copper. “Full support” for the extraction of natural resources such as gold, diamonds, uranium, lithium and oil in the country, offering bitcoin land acquisition services to global investors.
Enthusiasm for cryptocurrencies in the Central African Republic does not appear to have waned due to the recent drop in value, with the country planning to use Sango Coin to create a crypto-based economy driven by private investment. This digital economy hub also includes the creation of a “crypto island.”
In addition to introducing Sango Coin, the government also stated that it wants to adopt blockchain technology to transform the country’s digital architecture, and the government also plans to use blockchain to digitize its land registry system.
