The growth of digital currency continues to surprise the masses even during the “Crypto Winter.” This only goes to prove that nothing can stop cryptocurrencies, and this is just a dry patch that will soon be overcome.
In a recent development, The Central African Republic has launched a new cryptocurrency token called Sango Coin. This news came two months after the CAR announced its decision to accept Bitcoin as an official currency. Now, CAR is aiming to introduce a new digital currency by launching Project Sango.
Faustin-Archange Touadéra, the president of the Central African Republic, has launched Sango Coin as the national cryptocurrency for the country in a virtual event hosted yesterday. The event was dubbed the “Sango Genesis Event” and saw the president’s plans to utilize Bitcoin and crypto. He also stated,
“Sango Coin will be the next-generation currency for the Central African Republic.”
The president believes that Sango Coin will act as a “gateway to the Central African Republic’s natural resources.” The government also previously said that it plans to tokenize the country’s natural resources, such as diamonds, petroleum, and copper.
Sango Coin, however, will be employed to build a cryptocurrency-based economy for private investment. CAR is also developing a “Crypto Island” on the Oubangui River. Other details for this project are still to be announced, but it is safe to assume that Sango Coin will play a large role.
The finance minister of the Country, Hervé Ndoba, also was present during the occasion and declared that the national currency of the country is backed by Bitcoin, while the exact nature of this backing still remains unknown.
Apart from the Sango Coin, CAR is also going strong on its adoption of blockchain technology to optimize the country’s digital architecture.