Citizens can use Sango Coin to acquire property and real estate in the territory. Although the country adopted Bitcoin as legal tender, many of its inhabitants have no access to the Internet.
The president of the Central African Republic, Faustin-Archange Touadéra, recently introduced the cryptocurrency Sango Coin. It will allow the trading of the resources of that country with the rest of the world and provide citizens with further financial inclusion.
Members of the cabinet and businesspeople from the industry accompanied president Touadéra during the presentation of Sango Coin. The cryptocurrency experts gave technical details about that initiative.
The Central African cryptocurrency will base on pro-Bitcoin regulation and the relationship between the public and private sectors for technological developments. Citizens and investors can use it to acquire tokenized property and real estate. In addition, they can participate in the governance of decentralized autonomous organizations (DAO.
The primary objective of Sango Coin and its ecosystem is to attract investment and provide digital and physical infrastructure. The comprehensive project, which mainly focuses on the cryptocurrency and technology sector, will also establish the creation of a Digital Bank.
That plan seeks to benefit investors by registering companies through the Internet and allowing the possibility of access to citizens. Besides, they will be exempt from some obligations, such as paying income taxes.
The Central African Republic aims to have a legal cryptocurrency framework ready before late 2022. Based on the law determining Bitcoin as legal tender, the State created the National Agency for the Regulation of Electronic Transactions (ANTE).
The Central African Crypto-Island Will Be like Salvadoran Bitcoin City
The Central African government plans to create a crypto-island, a version of the Salvadoran Bitcoin City. They said it would be an excellent place to enjoy the cryptocurrency revolution.
Besides the physical space, they will create another version in the metaverse. The world of properties and real estate will have a digital representation, which adds other edges for expansion in the future.
The official website of Sango highlights that this project emerged from the National Assembly of that country. The Central African Republic became the second country to adopt Bitcoin legal tender in April.
A Long Way to Digitization in the Central African Republic
In 2022, the World Bank approved a USD 35 million development fund for the Central African Republic. The objective is digitizing the public sector, an initiative parallel to adopting Bitcoin and Sango.
However, the Sango plan and the massive use of Bitcoin as a payment method have collided with the Central African reality. Less than 8% of the population of almost 5 million has access to the Internet. Therefore, they would not be part of the technological revolution that Faustin-Archange Touadéra aims to implement.
Touadéra said that the infrastructure of telephone companies in Africa (half of what exists worldwide) would be crucial. He considers Central Africans would only need a cell phone to access Bitcoin, Sango Coin, and the technological and digital revolution.
By Alexander Salazar
