After legalizing Bitcoin, this republic launched its national cryptocurrency

Central African Republic Crypto
  • Sango Coin is the name of the national cryptocurrency announced this Sunday by the President of the Central African Republic, Faustin-Archange Touadéra.
  • Sango Coin will co-exist with Bitcoin, which was recognized in April as legal tender.
  • According to the Minister of Finance of that country, Sango Coin will be backed by Bitcoin, although he did not give more details about it.

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Shortly after becoming the second country in the entire world to recognize Bitcoin as legal tender, the government of the Central American Republic (RCA) recently introduced its own national cryptocurrency, called Sango Coin. This was announced by the president of that country, Faustin-Archange Touadéra, this Sunday, July 3.

According to The Block newspaper, President Touadéra made the official announcement during the virtual meeting “Sango Geneseis Event”, in which he discussed the plans for the use of Bitcoin and Sango Coin in the country.

Touadéra pointed out that both cryptocurrencies will coexist in the Central African Republic, and that Sango Coin will be used especially for the modernization of the country’s infrastructure and a metaverse project. “Sango Coin will be the next generation currency for [the] Central African Republic,” said the president.

The new national cryptocurrency would be the “gateway to the natural resources of the Central African Republic”, Touadéra pointed out, and everything indicates that it will be used for the tokenization of the country’s natural resources, such as oil, diamonds and copper, The Block reported.

Likewise, other plans with Sango Coin will be to encourage private investment and an economy based on cryptocurrencies. Among other projects, the construction of a cryptocurrency island in the Oubangui River is planned. No further details were released in this regard.

Touadéra’s cabinet also aspires to use “blockchain” or digital accounting books for the renovation of the infrastructure, starting with the digitization of the land registry system, revealed the quoted Dario.

During the event held this Sunday, the RCA Minister of Finance, Hervé Ndoba, intervened to share that Sango Coin will supposedly be backed by Bitcoin, but did not offer more information about it.

In April of this year, the Central African Republic became the first country in Africa, and the second globally, to declare Bitcoin as legal tender, after El Salvador.