- CAR’s crypto project follows its adoption of Bitcoin as legal tender in April.
- Central African Republic President says crypto is key to financial inclusion.
LAGOS (CoinChapter.com) — Central African Republic (CAR), in its new wake to becoming the digital capital of the continent, has launched Sango Coin, its new government-backed cryptocurrency.
In detail, the central African country launched the new digital assets weeks after adopting Bitcoin (BTC) as legal tender. According to the announcement, the new initiative will facilitate digital growth and boost technological advancements in the country’s crypto industry.
President of the Central African Republic, Faustin-Archange Touadéra, who unveiled the token, noted that Sango Coin is the next-generation currency. He explained that the new digital asset would attract investments from multinational businesses and global crypto organizations to the country.
Moreover, Touadéra also indicated that Sango Coin would bring blockchain talent and enthusiasts to the country. He added that the token launch would boost CAR’s Bitcoin adoption and address regulatory frameworks and infrastructure.
Furthermore, Sango Coin is part of a broader project that includes launching a metaverse platform dubbed ‘The Crypto Island,’ among other blockchain-related features. The Sango project was reportedly backed by the country’s National Assembly and spearheaded by Touadera.
Crypto Is Key To Financial Inclusion, Says CAR’s President
While unveiling the token, the Central African Republic’s President remarked that Sango Coin would foster financial inclusion in the country. He further described cryptocurrencies as the solution to tackling financial exclusion in CAR.
Touadéra, through his verified Twitter handle, also reiterated that cryptocurrencies are digital gold and the future. He said:
“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they 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.”
In addition to launching Sango Coin, Touadéra noted that he wants to adopt blockchain to revamp the country’s digital architecture. For example, the CAR government plans to use Blockchain technology to digitize the country’s registry system.
Also present at the unveiling event, Hervé Ndoba, CAR’s finance minister, expressed delight with the new initiative. Ndoba disclosed that Sango Coin is backed by bitcoin. However, it is currently unclear to what extent or exact nature to which Bitcoin backs the token.
Mixed Reactions Trail CAR’s Sango Coin Launch
Meanwhile, the crypto community has met CAR’s Sango Coin initiative with mixed responses. Several prominent individuals in the crypto space, like Binance CEO Changpeng Zhao, praised the move, while others criticized the initiative.
Many crypto enthusiasts also condemned the move by the African country to launch a government-owned cryptocurrency.
More than average consumers in the community argued that CAR should not be exploring Sango Coin because it will fail. Instead, they posited that Bitcoin was the only digital asset with the potential to help the country’s citizens.
“You’re gonna fail spectacularly if you continue this route, Mr. President. Bitcoin has established itself as the only decentralized, viable money moving forward. No other coins will ever achieve that and it will simply collapse to zero in the medium to long term.”A user stated.