AMBITIOUS CRYPTO PROJECT THAT INCLUDES USING BITCOIN AS A LEGAL TENDER
The Central African Republic (CAR) has announced plans to continue its magnificent Sango project by marking access to the country's abundant natural resources. President Faustin-Archange Touadéra posted a photo of the statement on his official Twitter account on Thursday outlining the next steps in the process.
The statement, signed by Minister of State and Cabinet chief Obed Namsio, reads, in part:
“We give everyone the opportunity to enter the treasures of our world. In other words, we are transforming them into equally important digital assets with a new management movement and an unprecedented economy. ”
He said Touadéra had asked parliament to devise a new strategy to create investment opportunities in the country's economy.
CAR, which in April became the second country in the world to accept Bitcoin (BTC) as an official tender, launched Project Sango last month. On the website, the World Bank has reportedly approved a $ 35 million Sango crypto hub development fund in the country - although the World Bank has said it will not support the project.
The construction of a legal framework for resource tokenization is an important aspect of the Sango Project, as well as the establishment of e-residency for investors, crowdfunding infrastructure and the Sango establishment - called Crypto Island metaverse. CAR contains reserves of gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, manganese and other minerals.
The benefits of introducing Bitcoin as an official tender in the CAR have undoubtedly been attributed to the weakening state and the low level of development in the country. Only a small minority of citizens have access to the internet or electricity.