Central African Republic to tokenize the nation’s natural resources

The Central African Republic (CAR) has announced plans to proceed with its ambitious Sango Project by tokenizing access to the country’s abundant natural resources. President Faustin-Archange Touadéra posted a photograph of a statement on his official Twitter account Thursday detailing the next steps in the project. 

The statement, signed by Minister of State and Cabinet Chief of Staff Obed Namsio, read in part: 

“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”

It went on to say that Touadéra has asked the parliament to prepare a new strategy to create investment opportunities in the country’s economy.

The CAR, which in April became the second country in the world to adopt Bitcoin (BTC) as legal tender, introduced Project Sango last month. On the project’s website, it is claimed that the World Bank approved a $35 million development fund for a Sango crypto hub in the country, although the World Bank has stated that it will not support the initiative.

Creation of a legal framework for resource tokenization is a key element of the Sango Project, along with establishing e-residency for investors, crowdfunding infrastructure and the founding Sango-the so-called Crypto Island metaverse. The CAR has reserves of gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, manganese and other minerals.

The benefits of launching Bitcoin as legal tender in the CAR have been called into doubt due to the fragility of the state and low level of development in the country. Only a small minority of residents have access to the Internet or electricity.

All Dutch and English crypto news!

Crypto more popular among millennials than mutual funds, survey shows

A report published by investing firm Alto surveyed adults based in the United States to find out their preferences in investing. The results showed that...

3 charts showing this Bitcoin price drop is unlike summer 2021

Bitcoin (BTC) bear markets come in many shapes and sizes, but this one has given many reason to panic. BTC has been described as facing "a...

Not the best week for crypto lending: Law Decoded, June 20-27

Due to Celsius Network's withdrawal suspension in mid-June, the very topic of crypto lending made its entryway to the acute issues list for the regulators....

Uzbekistan warms up to Bitcoin mining, but there’s a catch

The National Agency of Prospective Projects (NAPP) in the 34-million nation of Uzbekistan enunciated its demands toward the crypto mining operators. It would only allow...

Beste exchanges

Koop je crypto bij Bitvavo