Central African Republic launches national cryptocurrency

Sango Coin will be used to tokenize the country's natural resources

04.07.2022 - 15:30

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What’s new? The Central African Republic (CAR) has launched its own national cryptocurrency, Sango Coin. This was announced by the country's president Faustin-Archange Touadéra on June 3. According to him, the asset will exist alongside bitcoin as an official means of payment. According to The Block, the country plans to use Sango Coin to tokenize its natural resources, including petroleum, diamonds and copper.

Material from The Block

What else is known about Sango Coin? According to the president of the CAR, the asset will be backed by bitcoin reserves. More detailed information about the structure of the coin has not yet been reported.

“Sango Coin will be the currency of the new generation of the Central African Republic. The alternative to cash is cryptocurrency. For us, the formal economy is no longer an option,” Faustin-Archange Touadéra said.

Sango Coin will be used to modernize the country's infrastructure and implement the planned metaverse project. The national cryptocurrency will also be used to create a crypto hub on the Oubangui River.

In April, the CAR became the first African country to accept bitcoin as legal means of payment. According to the authorities, it would help restore the country's economy.

The CAR also announced the launch of a project to tokenize access to natural resources — Project Sango. The government offers this service to crypto projects, which are based in the country.

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