A week ago, the president of the Central African Republic (CAR), Faustina Archange Touadéra sent an invitation via Twitter. In it, he asked ‘everyone’ to attend a genesis event for Project Sango.
This event which has now taken place and was graced by the President and other top Government officials, saw the President explaining plans to utilize Bitcoin and crypto. They also introduced a new coin named Sango Coin, which has just been launched.
According to him, “Sango Coin will be the next generation currency for the Central African Republic”. Also, he explained that in contrast to traditional banking, the CAR citizens will benefit from virtual transactions. They stand to gain benefits like rapid access, lack of bureaucracy, fast execution, and low cost.
Going back to a few weeks ago, we recall that the Government of the Central African Republic had announced its plans to tokenize the country’s natural resources. This includes copper, petroleum, and diamonds. What the President aims at, is that CAR will leverage this new coin to create a crypto-based economy that is private-investment driven. This will also include the creation of a “crypto island” on the Oubangui River.
What the Central Africa Republic President Hopes to Achieve
The President wants that there is financial inclusion and that citizens can gain access to crypto easily, even with just a smartphone. He went further to speak about blockchain technology, saying: “This technology will give an identity to the continent by reducing cost. This version is perfect, and we do not have the time to wait. . . For us, the normal economy is no longer an option”.
Also present at the event was Hervé Ndoba, the CAR Finance Minister. In his words, the Sango Coin will be backed up by Bitcoin.
To Sum Up
The Touadéra-led administration has said that it wants to adopt blockchain technology. Undoubtedly, the intent with this is revamping CAR’s digital architecture. The country also sees the need to digitize its land registry system.
We think that this is a big motivation for African Tech startups to up their game. The continent needs to take charge of her digital economy.
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