Central African Republic (CAR) Launches Sango Coin Backed by Bitcoin

Central African Republic’s (CAR) Sango Crypto Hub initiative has finally gone live at an event that was graced by the President, Faustin-Archange Touadéra, and other top government officials.

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

The genesis event saw CAR’s President enumerate plans for bitcoin and crypto utilization, including the introduction of the Sango Coin.

SEE ALSO: Central African Republic (CAR) to Tokenize Minerals and Natural Resources, Says President

In a statement, CAR President 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 the ‘gateway to the natural resources of the Central African Republic.’

If you remember, a few weeks back, the CAR’s Government announced plans to tokenize the country’s natural resources, including petroleum, diamonds and copper.

Moreover, CAR will leverage Sango Coin to create a crypto-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 President Touadéra emphasized was financial inclusion and the importance of citizens being able to gain access to crypto via a smartphone easily.

Speaking about the blockchain technology, President Touadera said:

“This technology will give an identity to the continent by reducing cost. This vision is perfect, and we do not have the time to wait. […] For us, the formal economy is no longer an option.”

– President, Central African Republic (CAR)

According to the President, citizens stand to benefit from virtual transactions which, in contrast to traditional banking, have the advantage of:

• Rapid access
• Fast execution
• Lack of bureaucracy
• Low cost

Finance Minister, Hervé Ndoba, also appeared at the event and stated that the national crypto will be backed by bitcoin

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

The CAR government plans to use blockchain to digitize its land registry system.

RECOMMENDED READING: Central African Republic Reportedly Moves to Adopt Bitcoin as Official Currency

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