Two months after becoming the world’s second country, after El Salvador, to adopt bitcoin as an official currency alongside the CFA franc and legalise the use of crypto-currencies, President Faustin Archange Touadéra announced the launch of “a new digital system powered by Blockchain technology” at an “online event.”
The methods and timeframe for the establishment of this “Sango Coin” and a “Crypto Island,” a platform permitting this virtual currency to become “the catalyst for the tokenisation of the massive natural resources” of the Central African Republic, were not specified.
The worldwide cryptocurrency crisis, in which the price of bitcoin is in free fall, and many crypto platforms are on the verge of bankruptcy, has led to the creation of this “Sango project.
The head of state exclaimed that the Central African Republic was “sitting on a mountain of untapped wealth” that included gold, diamonds, and rare metals. “Sango Coin will be direct access to our resources for the world,” he added, to draw in investors and “jump-start the engines of the economy.”
Mr Touadéra lamented that “financial services are almost inaccessible to many inhabitants” in Africa, “where 57 per cent of the population is unbanked.
He claimed “to have found the solution”: “the smartphone,” which allows for cryptocurrency trading and investment.
“The smartphone is the alternative to traditional banking, cash, and financial bureaucracy,” declared the president of the second-least developed nation in the world, according to the UN.