On June 27, Faustin-Archange Touadéra, President of the Central African Republic (CAR), announced the launch date of the “Sango Genesis Event” on Twitter, which will be officially launched on July 3. At this point, Sango Coin will be the second recognized cryptocurrency to exist in the CAR (the first being Bitcoin). According to relevant sources, Sango Coin will be used for the country’s infrastructure construction and the planned modernization of the Metaverse project in the future.
Bitcoin In The Central African Republic
As previously understood, on April 21 of this year, at the National Assembly of the Central African Republic, many people running for parliament unanimously passed the bill to use Bitcoin as legal tender. This makes the Central African Republic the second country in the world to adopt Bitcoin as legal tender (El Salvador was the first).
▼Central African Republic
Sango Genesis Event – Sango Coin
During the Sango Genesis Event on July 4, the President of the Central African Republic presented the new national cryptocurrency – Sango Coin and declared that the token will serve as a future gateway to the country’s resources such as oil, diamonds, and copper. “Full support” for the extraction of natural resources such as gold, diamonds, uranium, lithium, and oil in the country, offering bitcoin land acquisition services to global investors.
With #Bitcoin as #legaltender & inspiration, our country opens a new chapter in its inspiring journey towards a brighter future via #blockchain #tech.
Everyone is welcome to witness the Sango Genesis Event that will be broadcast on the 3rd of July, on https://t.co/LIQiKGhcBS. pic.twitter.com/7u6knv5f6w
— Faustin-Archange Touadéra (@FA_Touadera) June 27, 2022
The project’s official website indicates that investors in the project will be able to fund mining projects and invest in the country’s resources in the future. At the same time, mining companies will also be able to issue digital tokens backed by assets such as gold or other materials to raise funds and conduct their businesses.
In addition, a new national regulator for electronic transactions and a national digital bank will be established. The government also plans to introduce tax incentives for transactions in crypto schemes.
In the future, the government of the Central African Republic has also indicated that it will gradually equip blockchain technology to improve the modernization and efficiency of state services, logistics, taxation, and administration.
None Of The Slumps In Bitcoin Trading Prices Can Stop The Central African Republic’s Enthusiasm For Cryptocurrencies
Although the previous sharp decrease in the value of Bitcoin and the large-scale sell-off caused panic in the currency circle, it seems that this has not reduced the enthusiasm for cryptocurrencies in the Central African Republic, and Sango Coin were announced and launched so quickly. It’s puzzling, but I believe they all have their plans and ideas.
In today’s rapid development period, new tokens are still being formed and occupying a dominant position in the market, which is inevitable. Times are advancing and it is a product of continuously evolving technology.
Recently, Circle also launched a new stable currency EUROC based on the euro.
Although the Central African country is extremely rich in mineral resources and has a small population, it is still one of the poorest countries in the world. While the country’s adoption of bitcoin as legal tender has been criticized by some, the country’s president believes that it’s a good thing that the adoption of cryptocurrencies can boost the country’s development.