The Central African Republic (CAR), in the person of its President Faustin-Archange Touadera, announced the public sale of the Sango coin, with the aim of promoting financial inclusion by removing barriers to entry into the banking sector.
According to what was revealed, the public sale started with the 200 million Sango Coins available for purchase at the price of US$ 0,10. According to official website, the final listing price will be $0,45.
The Sango project comes after the adoption of Bitcoin by RCA as legal tender last April. The initiative aims to attract global cryptocurrency companies and talent/enthusiasts, increase local BTC adoption, and oversee the roll-out of cryptocurrency regulatory frameworks and infrastructure. A metaverse platform dubbed The Crypto Island and Sango Coin is also in development.
Speaking at the launch event, president Faustin-Archange Touadéra highlighted that Sango's project is to have a “common cryptocurrency and an integrated capital market that can stimulate trade and sustain growth".
One of the key points President Touadéra emphasized was financial inclusion and the importance of citizens being able to easily access cryptocurrencies via a smartphone. He drew comparisons to the underutilized banking sector in RCA, which has multiple barriers to entry.
Gold served as the engine of our civilization for ages! In this new age, digital gold will serve the same for the future! @SangoProject is the foundation that we will build on, together as one! Our President is speaking at the #blood Genesis Event, at 7PM: https://t.co/pdfamwRkz2
— Faustin-Archange Touadera (@FA_Touadera) July 3, 2022
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"Citizens will win at all levels, they will live in a country in full economic development, which means employment and prosperity. In addition, they will benefit from virtual transactions which, unlike traditional banking, have the advantage of fast access, fast execution, less bureaucracy and low cost.. "
Despite the RCA president's optimism for the project, the World Bank declared in May that it will not be “supporting Sango" for reasons of transparency and "potential implications for financial inclusion".
Sango is supported by CAR's National Assembly and is mainly being led by President Touadéra. While many details remain to be specified, a significant focus of the project will be to tokenize the country's abundant natural resources to open up greater investment access to them.
Citizen identity and asset ownership will also be tokenized with non-fungible tokens (NFTs). Additionally, Crypto Island will play a crucial role in facilitating this ecosystem and serve as a way for verified users to gain access to tokenized assets.
Expanded support for Bitcoin will also see the development of a local wallet built for BTC and the Lighting Network.
