The President of the Central African Republic, Faustin-Archange Touadera, has unveiled Sango Coin. Sango is a national cryptocurrency for the CAR, and it would allow the country to continue supporting its agenda for cryptocurrencies.
Central African Republic launches Sango Coin
The President of the CAR launched this cryptocurrency through a virtual event aired on Sunday. The “Sango Genesis Event” event also included a speech from the President regarding its plans for Bitcoin and cryptocurrencies.
In the speech, the President said, “Sango Coin will be the next generation currency for [the] Central African Republic.” The President further said that Sango Coin would be used as a gateway to access the country’s natural resources.
The government of the Central African Republic had earlier announced plans to tokenize the country’s natural resources. CAR is rich in natural resources such as copper, diamonds, and petroleum.
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Sango Coin to promote the crypto economy
CAR has several use cases for the Sango Coin. This coin will support the CAR as it transitions into a crypto-based economy focused on private investments. The CAR’s economic hub will also involve the development of a “crypto island” on the Oubangi River.
The finance minister in the country, Herve Ndoba, was also present during the virtual event to launch this coin. The official said that the coin would be backed by Bitcoin. However, the exact nature of how Sango Coin’s backing by Bitcoin will work remains unclear.
CAR is a landlocked African country. The country is among the first African countries to have endorsed Bitcoin. In April, CAR became the second country globally to endorse Bitcoin as legal tender.
The launch of Sango Coin is not the only initiative made by the CAR government to support a crypto-based economy. The government is also considering adopting blockchain technology to shape the country’s infrastructure. Blockchain will also support government functions such as digitizing the land registry system. Blockchain technology is expected to streaming processes and boost efficiency.
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Source: https://insidebitcoins.com/news/central-african-republic-launches-a-cryptocurrency-dubbed-sango-coin