The central African nation becomes the first African country to launch its own native cryptocurrency as its President, Faustin-Archange Touadéra launches Sango Coin in a virtual event broadcast on Sunday.
Enthusiastically, the President addressed the nation in the Sango Genesis Event and laid out plans for how the country intends to adopt bitcoin and other crypto assets, including the newly launched Sango Coin.
“Sango Coin will be the next-generation currency for [the] Central African Republic,” President Touadéra stated in his address.
This development comes two months after the landlocked country became the first African nation to include Bitcoin as a legal tender.
Touadéra also added that Sango Coin would play an integral role in modernising Central African Republic’s infrastructure, including a planned metaverse project.
While there are no details on the development and timeframe of Sango Coin and Crypto Island, the planned metaverse project, the Central African President believes the project will enhance the economic fortune of the developing country blessed with natural resources.
“The Central African Republic is sitting on a mountain of untapped wealth,” including gold, diamonds, rare metals, and “Sango Coin will be direct access to our resources for the world” to attract investors and “jump-start the engines of the economy,” The president said.
Major Concerns on Sango and Crypto In Central African Republic
The country is rich in gold, diamond and other natural resources. However, it lacks the digital infrastructure to allow cryptocurrency to thrive on a larger scale, making a move to adopt bitcoin look doubtful.
According to the UN, only 14.3% of the more than 5 million inhabitants have access to electricity in 2022, and even less to the internet, of which 71% live below the international poverty line.
Many experts have raised eyebrows, including lawmakers and the International Monetary Fund. In addition, Central Africa’s regional banking regulator for the six-nation Economic and Monetary Community of Central Africa also sent out a reminder about its ban on cryptocurrencies, stating the prohibition was meant to ensure financial stability, given that the digital asset class is volatile and difficult to regulate.