The authorities of the Central African Republic (CAR) continue to increase the adoption of cryptocurrencies – a national digital currency called Sango Coin has appeared in the country.
The launch of the state cryptocurrency was announced by the President of the Central African Republic, Faustin-Archange Touadea, at the Sango Genesis Event virtual event. He shared the plans of the authorities to develop the acceptance and use of both Bitcoin and Sango Coin.
“Sango Coin will be the next generation currency for the Central African Republic,” said Faustin-Archange Touadéra.
According to him, the national cryptocurrency will become “a gateway to the natural resources of the Central African Republic.” Earlier, the government announced plans to tokenize the country’s natural resources, including oil, diamonds and copper. Perhaps it will be possible to buy tokens using Sango Coin or Bitcoin.
In addition, Sango Coin will be the key to creating a “cryptocurrency and digital economy” that will attract private investment. To do this, it is planned to launch a center for the digital economy, including a “cryptocurrency island” on the Ubangi River.
In addition to cryptocurrencies, the country is going to use the blockchain to “launch the digital architecture of the Central African Republic” and transfer the cadastral system to digital form. CAR Finance Minister Hervé Ndoba said Sango Coin is backed by bitcoin. However, the percentage of collateral and its volumes are not reported.
Recall that back in April, bitcoin was recognized as legal tender in the Central African Republic.