The Central African Republic (CAR) President Faustin-Archange Touadera launched the government-backed Sango crypto hub initiative. At the launch event he said he believes the “Sango Coin” can boost financial inclusion.
“The alternative to cash is cryptocurrency. For us, the formal economy is no longer an option,” said Touadera.
The country’s “Sango” website says that it will “facilitate the tokenization of Central African Republic’s resources for worldwide investors”.
Touadera’s statement reaffirms CAR’s faith in the potential of cryptocurrencies yet again after making Bitcoin a legal tender in April.
The CAR’s not-so-pro-crypto faction includes some experts, lawmakers, and residents. They worry that low internet penetration and electricity woes in the CAR might pose a problem.
The International Monetary Fund (IMF) has also cautioned CAR for its pro-Bitcoin (as a legal tender) stance. CAR’s “Sango Coin” as a financial inclusion (FI) tool strategy is believed to make its natural resources (gold and diamonds) more accessible.
The policymakers believe the “Sango Coin” would “facilitate the tokenization of Central African Republic’s resources for worldwide investors.”
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