The Central African Republic’s (CAR) adoption of digital assets and blockchain technology continues to gain new grounds as it introduces the national digital currency called “Sango Coin” which will complement its digital currency hub project—Project Sango.
“Sango Coin will be the currency for the next generation,” President Faustin-Archange Touadera said in a statement made at the genesis event of Project Sango. The digital money may be rolled out in the third quarter.
According to the President, citizens stand to benefit from virtual transactions which, in contrast to traditional banking, have the advantage of:
- Rapid access
- Fast execution
- Lack of bureaucracy
- Low cost
President Touadéra added that Sango Coin will act as the ‘gateway to the natural resources of the Central African Republic.’
While the complete details of the national digital currency are not fully disclosed, the Minister of Finance confirmed that it would be backed by BTC. The CAR became the second country in the world and the first in Africa to adopt BTC as legal tender back in April.
Apart from introducing Sango Coin, the Touadéra administration says it wants to adopt blockchain technology to revamp the country’s digital architecture.
The CAR government plans to use blockchain to digitize its land registry system.
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