The Central African Republic Launches Of Its Own Cryptocurrency, Sango Coin

Two months after the decision to use Bitcoin as an official currency, the Central African Republic launched Project Sango to develop its own digital currency despite the fact that many cryptocurrency platforms are facing the risk of bankruptcy.

President Faustin-Archange Touadéra of the Central African Republic (CAR) launched Sango Coin as the country’s national cryptocurrency in a virtual event broadcast on Sunday.

Dubbed the “Sango Genesis Event,” it saw the country’s president enumerate plans for Bitcoin and crypto utilization.  President Touadéra stated in his address:

“Sango Coin will be the next-generation currency for the Central African Republic.”

According to President Touadéra, Sango Coin would serve as a “gateway to the Central African Republic’s natural resources.” The government of the Central African Republic previously stated plans to tokenize the country’s natural resources, which include petroleum, diamonds, and copper.

The country intends to employ Sango Coin to build a cryptocurrency-based economy based on private investment. The development of a “crypto island” on the Oubangui River is also part of this digital economic powerhouse. No specific details have been given about the methods and time of the creation of this “Sango Coin” as well as “crypto island”.

The country’s finance minister, Hervé Ndoba, also attended the occasion and declared that the national cryptocurrency is backed by Bitcoin. However, the exact nature of Sango Coin’s Bitcoin backing remains unknown. In April, the landlocked African country became the continent’s first to adopt Bitcoin as an official currency.

Apart from introducing Sango Coin, the Touadéra administration says it wants to adopt blockchain technology to revamp the country’s digital architecture. The CAR government plans to use blockchain to digitize its land registry system.

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