July 3, President of the Central African Republic (CAR) Faustin-Archange Touadera during a live broadcastpresented the national digital currency Sango Coin. It is reported by The Block.
According to Touadera, the coin will allowmodernize the country's infrastructure and become a "gateway to the natural resources of the Central African Republic." Earlier, the country's government announced plans to tokenize the country's natural resources, including oil, diamonds and copper.
“Sango Coin will be the next generation currency for the Central African Republic,” the president said.
The country plans to use Sango Coin to create a cryptocurrency economy based on private investment. The initiative involves the creation of a crypto-island on the Ubangi River.
The Minister of Finance of the country, Herve Ndoba, said that the national digital currency is backed by bitcoin, but did not disclose the details of the mechanism.
The CAR government is also using blockchain to digitize the land registry system.
Recall that last week it became known about the plans of the CAR authorities to create a cryptocurrency hub and a special economic zone in the metaverse.
In April 2022, the country approved Bitcoin as a means of payment on a par with the local franc.
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