Sango coin and BTC exist in the Central African Republic as recognized cryptocurrencies
Foreign media sources pointed out that the Central African Republic launched a national cryptocurrency called "Sango coin". Sango coin andBitcoinIt will exist in the Central African Republic as a recognized cryptocurrency. The token will be used to modernize the country's infrastructure and the planned metauniverse project.
The president of the Central African Republic, Faustin archange touad é RA, launched Sango coin as the country's national cryptocurrency at a virtual event on Sunday. The president of the Central African Republic pointed out that it is called "Sango Genesis event", and Sango coin will become the next generation currency of the Central African Republic, but did not provide specific details. Cryptocurrency is the solution to solve the problem of Financial Exclusion, and the substitute of cash is cryptocurrency. For us, the formal economy is no longer an option.
It is reported that on April 21, 2022, the national assembly of the Central African Republic unanimously passed a bill to take bitcoin as legal tender. The Central African Republic is the second country in the world to adopt bitcoin as legal tender after El Salvador. After announcing the adoption of bitcoin as legal tender, the Central African Republic (car) subsequently expressed its wish to create a cryptocurrency Center - Sango, hoping to attract cryptocurrency enterprises and enthusiasts to the country. This initiative, called Sango, was launched by the national assembly of the Central African Republic with the support of President Faustin archange touad é RA. According to the official page, Sango seeks to "pave the way for a digital future with unlimited possibilities".
The adoption of cryptocurrency in countries with low Internet usage and unreliable electricity has attracted the attention of encryption experts, confused legislators and residents, and caused a warning from the International Monetary Fund.
However, the Sango project includes "Sango coin", which is supported by the national assembly of the Central African Republic and led by touadera. He said that the token will provide access to the natural resources of the country's "mountains", including gold and diamonds. The government of the Central African Republic previously announced plans to monetize the country's natural resources, including oil, diamonds and copper. "Fully support" the exploitation of natural resources such as gold, diamonds, uranium, lithium and oil in the country, and provide bitcoin land acquisition services for global investors.
The enthusiasm of the Central African Republic for cryptocurrency does not seem to have been weakened by the recent decline in value. The country plans to use Sango coin to create a crypto based economy driven by private investment. The digital economy center also includes the creation of a "crypto island".
In addition to introducing Sango coin, the government also said that it hopes to use blockchain technology to transform the digital architecture of the country, and the government also plans to use blockchain to digitize its land registration system.