President Faustin-Archange Touadéra of The Central African Republic (CAR) has announced on Thursday, guidelines to start with its Sango Project by tokenizing access to the country’s numerous natural resources in a statement shared on his official Twitter account.
Thank you for reading this post, don't forget to subscribe!
The statement, signed by Minister of State and cabinet chief of staff Obed Namsio, read, in part:
“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”
It went on to say that Touadéra has asked the parliament to prepare a new strategy to create investment opportunities in the country’s economy.
The CAR, which in April became the second country in the world to adopt Bitcoin (BTC) as legal tender, introduced Project Sango last month. On the project’s website, it is claimed that the World Bank approved a $35 million development fund for a Sango crypto hub in the country — even though the World Bank has stated that it will not support the initiative.
Also Read: Central African Republic Plans To Establish A Cryptocurrency Economic Zone.
Creation of a legal framework for resource tokenization is a key element of the Sango Project, along with establishing e-residency for investors, crowdfunding infrastructure and the founding Sango—the so-called Crypto Island metaverse. The CAR has reserves of gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, manganese and other minerals.
The benefits of launching Bitcoin as legal tender in the CAR have been called into doubt due to the fragility of the state and the low level of development in the country. Only a small minority of residents have access to the internet or electricity.
