The Central African Republic Announced Its Intention To Tokenize The Country’s Resources.

The government of the Central African Republic has chosen tokenization of natural resources as the next phase in its digitization initiatives. In April, the landlocked African country became the first on the continent to recognize bitcoin as legal tender.

According to a statement made on Thursday, the Central African Republic (CAR) has disclosed the next phase in its bitcoin adoption trajectory, with intentions to tokenize access to its natural resources.

The CAR government will provide tokenized access to mineral resources to crypto and digital asset enterprises that establish a presence in the country, according to a presidential news release. Project Sango will be in charge of the natural resource tokenization push.

After approving a law recognizing bitcoin as legal tender the previous month, the government unveiled Project Sango in May. CAR is the first African country to recognize bitcoin as a legal tender, and the world’s second after El Salvador.

CAR has various mineral resources, including as diamonds, copper, and rhodium, in addition to petroleum. Gold, limestone, cobalt, and manganese are also some of the country’s natural resources.

Despite its enormous natural resources, the landlocked African nation remains one of the world’s least developed countries. The tokenization of these “huge natural assets” represents a means for President Faustin Archange Touadera to create new investment prospects in the country.

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