Sango Coin and bitcoin will exist in the Central African Republic as recognised cryptocurrencies.
In a virtual ceremony webcast on Sunday, President Faustin-Archange Touadéra of the Central African Republic (CAR) introduced Sango Coin as the country’s official cryptocurrency.
During this event, dubbed the “Sango Genesis Event,” the country’s president outlined intentions for bitcoin and cryptocurrency adoption.
In his speech, President Touadéra said, “Sango Coin will be the money of the future generation in the Central African Republic.”
According to President Touadéra, Sango Coin would serve as “the entrance to the Central African Republic’s natural riches.” The government of the Central African Republic has previously stated intentions to tokenize the country’s natural resources, including oil, diamonds, and copper.
The government intends to employ Sango Coin to establish a crypto-based, private-investment-driven economy. The development of a “crypto island” on the Oubangui River is also part of this digital economic powerhouse.
The country’s finance minister, Hervé Ndoba, also attended the occasion and declared that the national cryptocurrency is backed by bitcoin. However, the specific nature of the bitcoin backing for Sango Coin remains unknown. In April, the landlocked African nation became the first on the continent to adopt bitcoin as legal tender.
In addition to launching Sango Coin, the Touadéra government plans to use blockchain technology to rebuild the nation’s digital infrastructure. The CAR government intends to digitise its land register system using blockchain technology.
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