The President of Central African Republic (CAR), Faustin-Archange Toudéra, in a virtual broadcast event named “Sango Genesis Event” on Sunday, launched the country’s national cryptocurrency, Sango Coin.
CAR was the first country on the continent to recognize bitcoin as its official currency in April. Now, Sango Coin and Bitcoin will exist as recognized cryptocurrencies in the country.
President Toudéra also has plans to enumerate bitcoin and crypto utilization. “Sango Coin will be the next-generation currency for the Central African Republic.”
The Sango Coin can be considered a “gateway to the natural resources of the Central African Republic.” The government had initially announced plans to secure the country’s natural resources such as petroleum, diamonds, and copper.
The country is looking forward to creating a crypto-based economy with the help of Sango Coins, which will be driven by private investments. This includes creating a “crypto island” on the Oubangui River.
The finance minister, Hervé Ndobo, also attended the event and said that the Sango coin will be backed by bitcoin. Although, the nature of bitcoin-backing for the Sango coin is still unclear.
The Toudéra government wants to adopt blockchain technology to modernize the country’s digital architecture, they also plan to use blockchain to digitize the land registry system of the country.
This step by CAR has raised a few questions in the international community, especially International Monetary Fund (IMF). As the African country has low internet usage and unreliable electricity.
Despite having an abundance of natural resources, the Central African Republic continues to be one of the least developed nations in the world. Despite the recent decline in its market value, the nation’s excitement for digital currencies does not appear to have diminished.