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On July 3, Central African Republic (CAR) President Faustin-Archange Touadera presented the national digital currency Sango Coin during a live broadcast. Reported by The Block. According to Touadera,
On July 3, Central African Republic (CAR) President Faustin-Archange Touadera presented the national digital currency Sango Coin during a live broadcast. Reported by The Block.
According to Touadera, the coin will modernize the country’s infrastructure and become “a gateway to the natural resources of the Central African Republic.” Earlier, the country’s government announced plans to tokenize the country’s natural resources, including oil, diamonds and copper.
“Sango Coin will be the next generation currency for the Central African Republic,” the President said.
The country plans to use Sango Coin to build a cryptocurrency economy based on private investment. The initiative includes the creation of a crypto island on the Ubangi River.
The country’s Finance Minister, Herve Ndoba, said the national digital currency is backed by bitcoin, but did not reveal the details of the mechanism.
The CAR government is also using blockchain to digitize the land registry system.
Recall that last week, CAR officials learned in the metadata about plans to create a cryptocurrency center and a special economic zone.
In April 2022, the country approved bitcoin as a means of payment, along with its local franc.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
