Central African Republic (CAR) Plans to Tokenize Countries Natural Resources

• The World Bank has granted $35 million in development financing.
• Some have questioned whether using Bitcoin as legal cash would be beneficial.

As part of its ambitious Sango Project, the Central African Republic (CAR) wants to tokenize access to the country’s enormous natural resources. An official statement from President Faustin-Archange Touadéra was made on his official Twitter account Thursday, outlining the next stages in this effort.

Minister of State and cabinet chief of staff Obed Namsio signed the statement, which said in part:

“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”

Highly-Anticipated Project Sango

Furthermore, Touadéra requested the parliament to devise a new plan for the country’s economy, according to a statement from the government. After becoming the second nation to accept Bitcoin as legal money in April, the CAR launched Project Sango. However, it is reported that the World Bank has granted a $35 million development financing for a Sango cryptocurrency centre in the nation, despite its professed opposition.

The Sango Project includes the creation of a legal framework for resource tokenization, as well as the establishment of e-residency for investors, crowdfunding infrastructure, and the establishment of Sango—the so-called Crypto Island metaverse. Gold, oil, diamonds, copper, uranium, rhodium, limestone, cobalt, and manganese are just some minerals found in the CAR.

As a result of the country’s weak state and lack of growth, some have questioned whether using Bitcoin as legal cash would be beneficial. Only a tiny percentage of the population has access to the internet or power.