The National Assembly of the Central African Republic, under the direction of President Touadera, backed the Sango proposal, which calls for the establishment of a “Sango token.”
Significant launch
The Central African Republic formally declared the beginning of Sango, one of its biggest projects, on July 3. We learn everything there is to know about the Sango project in an over an hour and a half long live that is entirely on YouTube.
- program for e-residency;
- citizenship education
- national natural resources tokenization;
- the only metaverse supported by reality.
After becoming the first African nation to recognize bitcoin as legal tender in April, President Touadera declared at the occasion that cryptocurrencies were “the alternative to cash.” The formal economy is no longer a viable alternative for us.
“Sango Coin will be the next generation currency for the Central African Republic,” said President Faustin-Archange Touadéra in introducing the nation’s own cryptocurrency.
Although we don’t currently have much information on the Sango Coin’s tokenomics, it is clear that the Sango Coin’s connection to bitcoin must be significant. The Sango Coin will be backed by bitcoin. The president had also stated that mathematics was the universal language. Bitcoin is the world’s money. via his Twitter feed.
The bitcoin-maximalists, who believe that only bitcoin is an acceptable currency, are primarily responsible for the excitement surrounding the Central African Republic’s adoption of bitcoin.
Therefore, it might come as a surprise to see the president introduce a new cryptocurrency, but we need to wait for further details before passing judgment on this endeavor.
The tokenization of raw commodities such as gold, diamonds, iron, lithium, and many more elements essential to our economy was the other major theme. On this issue, the president has pledged to enact unambiguous legislation.
CAR’s metaverse
Additionally, the Central African Republic intends to use blockchain technology to modernize the nation’s land register system. The Sango project also claims to be “the only reality-backed metaverse.” On the banks of the Oubangui River, “The Crypto Island” will be both a metaverse project and a real location with lower taxes.
El Salvador of Bitcoin, but with a metaverse component added.
The project is rather ambitious overall; there are many construction sites and projects for a nation that is not well renowned for its use of technology or access to the internet. However, when the appropriate mechanisms are in place, a government’s vision can shift swiftly.
El Salvador continues to alter the nation’s monetary structure even as it struggles with the adoption of bitcoin, particularly in light of the recent crisis. Additionally, these changes do not occur over the course of a few months or even a few years.
For a nation that does not have a strong worldwide presence, Sango is a pretty ambitious project. To help the government make Africa the Bitcoin El Dorado, it is certain that many businesses and cryptocurrency players will be interested in this project.
To comprehend how we are transitioning from a state project to a reality, all that is left to do is keep track of this project’s development and wait for the regulation documents.
