CAR launches Bitcoin-backed digital currency Sango Coin

On 3 July, Central African Republic President Faustin-Archange Touadéra presented the national digital currency Sango Coin in a live broadcast. About this сообщает The Block.

According to Touadéra, the coin will modernise state infrastructure and will be “the gateway to the CAR’s natural resources.” Earlier, the government announced plans to tokenise the country’s natural resources, including oil, diamonds and copper.

“Sango Coin will be the currency of the next generation for the Central African Republic,” the president said.

The country plans to use Sango Coin to build a crypto economy grounded in private investment. The initiative envisages the creation of a crypto island on the Ubangi River.

Finance Minister Hervé Ndoba said that the national digital currency is backed by Bitcoin, but he did not disclose details of the mechanism.

The CAR government is also using blockchain to digitise the land registry system.

Earlier last week, authorities announced plans to create a crypto hub and a metaverse special economic zone.

In April 2022, the country recognised Bitcoin as a means of payment on a par with the local franc.

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