It seems as though President Touadéra is not fazed by the recent crypto decline as it dropped almost 60% in the past three months and is going all-in on his innovative and revolutionary crypto hub.
The Central African Republic (CAR) has rolled out its first crypto-based initiative in the country dubbed Sango to boost CAR’s economy via blockchain technology by reducing costs and attracting a number of crypto-driven individuals, as well as organizations.
The news comes after the CAR made cryptocurrencies legal tender and later on revealed that it would be launching the crypto investment hub back in May.
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President Faustin-Archange Touadéra commented on the project during the Sango Genesis Event that took place yesterday. He stated that people living in the country will be able to leverage their phones to access crypto even faster and more easily. On top of that, the project will pave the way for citizens to live in a prosperous environment where various goods and services will be accessible by every individual, as well as major corporations.
The President also mentioned that with Sango, “people will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.” Touadéra noted that digital assets should go side by side with Bitcoin (BTC) as “the formal economy is no longer an option” in the country.
Earlier in May, the World Bank shut its doors and implied that it wouldn’t be backing up CAR’s Sango, citing the lack of transparency and the potential negative effect on financial inclusion.
During Sunday’s event, CAR’s President also revealed that the country is planning to enter the metaverse by introducing its own platform “The Crypto Island" that will supposedly allow users to manage and mint non-fungible tokens (NFTs).
Likewise, “Sango Coin,” backed by the Central African Republic's National Assembly, will also see the light of day in the near future. As stated on the initiative's official website, the token will "facilitate the tokenization of Central African Republic's resources for worldwide investors" while ensuring access to CAR's natural resources, including gold and diamonds.
