President of the Central African Republic (CAR), President Faustin-Archange Touadéra launched the country’s first cryptocurrency “Sango Coin” in a virtual broadcast on Sunday evening.

The event was geared towards announcing the country’s interest in the cryptocurrency ecosystem while enumerating plans for crypto and Bitcoin utilization in general development. Christened “The Sango Genesis Event”, the virtual program also hosted top government officials including the country’s finance minister, Hervé Ndoba who also mentioned that the Sango Coin is to be backed by Bitcoin although the other specific information on the Bitcoin-backing for the Sango Coin is still unclear.

President Touadéra stated in his address that the Sango Coin will be the currency of the next generation for the Central African Republic (CAR). He also mentioned that Sango Coin is primed to be the gateway to the country’s vast natural resource endowments in the wake of the CAR government’s plan to tokenize the country’s natural resources which include petroleum, copper, and diamonds.

The country also plans to attract private investment and use that to create a crypto-based economy that will procreate a digital economic hub which will include a crypto island on the Oubangui River.

The landlocked African country has become the first and only country in Africa to recognize and accept Bitcoin as its official economic tender and currency. There are also plans in place for the token to be used to create a Metaverse project that will modernize the country’s infrastructure.

One of the foremost plans of the Touadéra administration is to use Blockchain technology to recreate the country’s architecture and digitize its registry systems.

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