The Central African Republic will symbolize the country’s natural resources
The Central African Republic (CAR) has announced its intention to continue its ambitious Sango project by symbolizing access to the country’s abundant natural resources. President Faustin-Archange Touadéra posted on his official Twitter account on Thursday a photo of a statement detailing the next steps of the project.
The statement, signed by Minister of State and Chief of Staff Obed Namsio, said in part:
“We give everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.
He went on to say that Touadera asked the parliament to prepare a new strategy to create investment opportunities in the country’s economy.
The next step for us, the Central African Republic, is the democratization and tokenization of resources, a new chapter with enormous possibilities.
– Faustin-Archange Touadera (@FA_Touadera) June 2, 2022
CAR, which in April became the second country in the world to adopt Bitcoin (BTC) as legal tender, introduced the Sango project last month. On the project’s website, it is claimed that the World Bank has approved a $35 million development fund for a Sango crypto hub in the country – even though the World Bank has said it will not support the initiative.
Creating a legal framework for the tokenization of resources is a key part of the Sango project, as well as establishing an electronic residence for investors, the crowdfunding infrastructure and the founder Sango, the so-called metaverse Crypto Island. The CAR has reserves of gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, manganese and other minerals.
The benefits of launching Bitcoin as legal tender in the CAR have been questioned due to the fragility of the state and the country’s low level of development. Only a small minority of inhabitants have access to the Internet or electricity.