Central African Republic (CAR) President Faustin-Archange Toudera on Sunday launched the country’s national cryptocurrency, the Sango Coin, in a virtual broadcast event titled “Sango Genesis Event”.
CAR was the first country on the continent to recognize bitcoin as an official currency in April. Now, Sango Coin and Bitcoin will continue to exist as recognized cryptocurrencies in the country.
President Toudera also has plans to count bitcoin and crypto usage. “Sango Coin will be the next generation currency for the Central African Republic.”
Sango Coin can be considered “the 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 hoping to create a crypto-based economy with the help of Sango Coins, which will be powered by private investment. This involves building a “crypto island” on the Obangui River.
The Finance Minister, Hervé Ndobo also attended the event and said that the coin of Sango would be backed by bitcoin. However, the nature of bitcoin-support 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 country’s land registry system.
This move of CAR has raised some questions in the international community, especially the International Monetary Fund (IMF). Since the African country has low internet usage and unreliable electricity.
Despite the abundance of natural resources, the Central African Republic is one of the least developed countries in the world. Despite the recent drop in its market cap, the country’s enthusiasm for digital currencies has not waned.