Sango Coin: CAR launched its digital currency
The CAR digital currency launch was presented during the broadcast of the country’s leader Faustin-Archange Touadéra. The President spoke about the benefits of Sango Coin and the plans of the state to develop the country’s crypto sector.
Previously, the CAR government has already announced its desire to tokenize the country’s natural resources. As planned by the president, the republic’s natural resources were to become available to foreign investors in the form of tokens. This should bring “freshness” to the economy and expand the market’s potential in other parts of the world. For active economic investment, e-residency and citizenship programs were envisioned for foreigners.
As the President of the CAR has noted, the government plans to develop this area further and create its own crypto economy, while foreign investment will be its basis. In addition, the Ubangi River will become the home to a new crypto island. The country is also actively using blockchain to digitize its land registry.
As for the security of the new digital asset, according to Hervé Ndoba, head of the Ministry of Finance of the CAR, Sango Coin is secured by bitcoin. He preferred not to disclose a more detailed mechanism.
According to statements by the republic’s government, the primary purpose of these reforms is to create the most powerful crypto hub in Africa and a special economic zone in the metaverse. It is also worth noting that the CAR recognized bitcoin as equal to fiat currencies as a means of payment.
