The Sango Crypto Hub initiative of the Central African Republic (CAR) was ultimately launched in a ceremony attended by the president, Faustin-Archange Touadéra, and other senior government officials.
The news of the Sango coin, which is backed by bitcoin comes a week after the President invited “everyone” to a Project Sango genesis event via a Twitter post.
CAR’s President detailed the strategy for using bitcoin and other cryptocurrencies at the genesis ceremony, including the launch of the Sango Coin.
The Sango Coin will be the Central African Republic’s new generation of currency, according to a declaration from the CAR President.
Also read, CAR President invites Global Community Project Sango Genesis Event
Sango Coin will serve as the entry point to the Central African Republic’s natural resources, said President Touadéra. The CAR’s government revealed a few weeks ago its intentions to tokenize the nation’s natural resources, including copper, diamonds, and oil.
Additionally, CAR will use Sango Crypto Hub initiative to build a cryptocurrency-based economy powered by private investment.
The construction of a “crypto island” on the Oubangui River is another component of this digital economic powerhouse. President Touadéra stressed the significance of financial inclusion and the need for citizens to simply have access to cryptocurrencies via smartphones as one of the main aspects of his speech.
Talking of blockchain technology, President Touadera claimed that it will give the continent an identity by lowering costs. The government does not have time to wait because this concept is ideal. There is no longer a choice of the formal economy.
The President asserts that citizens stand to gain from virtual transactions since they offer faster access, quicker execution, less red tape, and lower costs than traditional banking.
Hervé Ndoba, the finance minister, also made an appearance at the occasion and declared that bitcoin will support the national cryptocurrency.
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