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In a virtual event webcast on Sunday, Central African Republic (CAR) President Faustin-Archange Touadéra introduced Sango Coin as the nation's cryptocurrency. Known as the "Sango Genesis Event," it heard the president of the nation outline strategies for using cryptocurrencies like Bitcoin.
Sango Project Launched After Bitcoin Legal Tender Declaration
The Sango project launched after CAR declared Bitcoin (BTC) to be the legal money in April. In addition to accelerating local BTC acceptance and supervising the implementation of crypto legal frameworks and infrastructure, the project intends to draw enterprises and international crypto talent and enthusiasts. Sango Coin and "The Crypto Island," a Metaverse platform, are also developing. President Faustin-Archange Touadera presented the goal for Sango in his remarks stating that it "could stimulate commerce and sustain growth," at the launch event on July 3. Financial inclusion and the significance of enabling citizens to access cryptocurrencies via a smartphone quickly were two of the main issues President Touadera stressed. He made analogies to the underutilized CAR banking sector, which has several entrance barriers:
"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."
https://twitter.com/FA_Touadera/status/1543612921862832129
World Bank Not Supporting Sango
The World Bank announced in May that it would not be "supporting Sango" due to worries about transparency and "possible ramifications for financial inclusion," despite the CAR president's enthusiasm for the project. Sango is supported by the National Assembly of the CAR and President Touadera. Despite the lack of many details, the project's primary goal will be to tokenize the nation's enormous natural resources to increase investment access. The identity of citizens and asset ownership will likewise be tokenized as an NFT. Additionally, Crypto Island will be essential to the development of this ecosystem and provide access to tokenized assets for authenticated users.