The Central African Republic (CAR) has launched its own official national cryptocurrency, called Sango Coin, to facilitate the process of tokenizing the country's natural resources for international investors.
RCA chairman Faustin-Archange Touadéra announced the new cryptocurrency on Sunday at the Sango Coin Genesis event streamed online.
“For us, the formal economy is no longer an option,” said Touadéra.
The event also marked the launch of the Sango cryptocurrency hub, touted as the first legal cryptocurrency hub in the heart of Africa to attract and serve cryptocurrency enthusiasts and relevant businesses.
While the government remains tight-lipped on specific details about when the Sango Coin will be fully launched and operational, Touadéra said it is revolutionary and will reposition the country's economy.
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
In April 2022, President Touadéra led the Sango project, supported by the National Assembly of CAR. This led to the adoption of Bitcoin as legal tender and the establishment of a legal framework to regulate cryptocurrencies.
During yesterday's launch, Touadéra highlighted cryptocurrency as a solution to the country's problems, specifically lack of infrastructure and financial bureaucracy. “I believe I have found the solution that will change not only the Central African Republic, but also other countries that aspire to the same dream. This solution is Bitcoin and cryptocurrency.”
BUT: Central African Republic is the first country in Africa to make Bitcoin a means of payment
The President said that the Sango initiative will help Africa move towards a digital economy as traditional banking is holding back growth. “The alternative to traditional banking is the smartphone, just as the alternative to cash and financial bureaucracy is cryptocurrency,” he added.
The decision to introduce a local cryptocurrency was met with a mixed response from the market – as well as cryptocurrency experts, many of whom expressed the opinion that the country should focus solely on Bitcoin.
A big and warm thank you to those of you who attended yesterday the #blood Genesis Event!
The recording is now available on Youtube to rewatch it and to inspire you to support us further! https://t.co/zZiB2IVd1H— Sango (@sangoproject) July 4, 2022
