Central African Republic (CAR) launches Bitcoin-backed Sango coin

The Central African Republic (CAR) Sango Crypto Hub initiative finally aired at an event that was honored by the president, Faustin-Archange Touadéra and other senior government officials.

This announcement comes a week after the President, via a Twitter post, sent an invitation to “everyone” to attend a genesis event for Project Sango.

The genesis event saw the president of CAR enumerate plans for the use of bitcoin and cryptocurrencies, including the introduction of the Sango Coin.

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SEE ALSO: Central African Republic (CAR) to tokenize minerals and natural resources, the president says

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In a statement, the president of the CAR said:

“Sango Coin will be the next generation currency for [the] Central African Republic”.

– President, Central African Republic (CAR)

President Touadéra added that Sango Coin will act as a “gateway to the natural resources of the Central African Republic”.

If you remember, a few weeks ago, the government of the Central African Republic announced its intention to tokenize the country’s natural resources, including oil, diamonds and copper.

Additionally, CAR will leverage Sango Coin to create a cryptocurrency-based economy driven by private investment. This digital economic hub also includes the creation of a “crypto island” on the Oubangui River. One of the key points highlighted by President Touadéra is financial inclusion and the importance of citizens being able to easily access cryptocurrencies via a smartphone.

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Speaking of blockchain technology, President Touadera said:

“This technology will give the continent an identity while reducing costs. This vision is perfect and we don’t have time to wait. […] For us, the formal economy is no longer an option “.

– President, Central African Republic (CAR)

According to the President, citizens will benefit from virtual transactions which, unlike traditional banks, have the advantage of:

  • Quick access
  • Fast execution
  • Lack of bureaucracy
  • Low price

Finance Minister Hervé Ndoba also appeared at the event and said the national cryptocurrency will be backed by bitcoin.

In addition to introducing Sango Coin, the Touadéra administration says it wants to adopt blockchain technology to revamp the country’s digital architecture.

The government of the Central African Republic plans to use the blockchain to digitize its cadastral system.

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RECOMMENDED READING: The Central African Republic is reportedly moving to adopt Bitcoin as its official currency

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