Central African Republic tokenises natural resources

The President of the Central African Republic (CAR), Faustin-Archange Touadéra, announced plans to tokenise the country’s natural resources.

The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.

This #vision & strategy will open unique #opportunities for #investors #worldwide. #CAR #RCA pic.twitter.com/v7mzlsUeTw

— Faustin-Archange Touadéra (@FA_Touadera) June 2, 2022

According to the document, under the Sango project access to tokenised assets will be granted to companies connected with the crypto industry and to those that “create a presence in the country”.

The CAR possesses substantial natural resources — deposits of diamonds, uranium, gold and oil. It remains one of the poorest countries on the African continent and in the world overall. By PPP GDP per capita, CAR sits third from the bottom of the ranking at $1,040 (World Bank data for 2020). Only Somalia and Burundi fare worse.

Earlier the authorities approved Bitcoin as a payment method on a par with the local franc.

In July 2021, the Hong Kong-based South China Morning Post released a series of NFTs using the new ARTIFACT token standard, designed to record historical assets on the blockchain.

Prior to that, Swiss-regulated cryptocurrency bank Sygnum announced plans to tokenise Pablo Picasso’s painting.

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