CRYPTO IS THE WAY TOWARDS A STABLE ECONOMY: CENTRAL AFRICAN REPUBLIC
Cryptocurrencies are a solution to the financial crisis in the Central African Republic, its President Faustin-Archange Touadera said on Sunday, citing the cost of opening bank accounts.
"Another way to raise money is cryptocurrency," Touadera said at the launch of the state-owned crypto initiative Sango, after becoming the first African country to make an official bitcoin tender in April. "For us, the legal economy is no longer an option."
The move to adopt cryptocurrencies in a country where internet usage is low and electricity is unreliable has raised eyebrows among crypto experts, lawmakers and confusing citizens, and drawn warning messages from the International Monetary Fund.
The Sango project, including the "Sango Coin", is sponsored by the National Assembly of the Central African Republic and is led by Touadera, who said the token would give access to the country's "mountain" of natural resources, including gold and diamonds.
The national website "Sango" https://sango.org/initiative states that "it will facilitate the tokening of Central African Republic resources to investors around the world".
"Sango Coin will be the currency of the new generation of Central African Republic," said Touadera, without elaborating.
Central African Republic interest in cryptocurrencies does not appear to have lost the latest losses in their prices, the price of bitcoin has dropped by 58% in the past three months, according to Refinitiv data.