| Developers: | Central Bank of the Central African Republic |
| Date of the premiere of the system: | July 2022 |
| Branches: | Financial Services, Investments and Auditing |
2022: National Cryptocurrency Launch
On July 3, 2022, the Central African Republic announced the launch of a national cryptocurrency, despite the fact that the global cryptocurrency market is going through a bad time, given the fall in rates.
President of the Republic Fosten Archangel Tuadera said that the country's Central Bank has created a digital Sango coin and a crypto hub with zero taxation. As part of the Crypto Island platform, Project Sango is to call for becoming a catalyst for the tokenization of the CAR's vast natural resources, Tuadera added, without giving a timeline or other details. According to Tuadera, the coin will allow modernizing the country's infrastructure and will become a gateway to the natural resources of the CAR.
CAR plans to use Sango Coin to create a crypto economy based on private investment. In particular, the president plans to turn Monkey Island, located opposite the capital on the Ubangi River, into a crypto island. A tax-free zone will operate on the island, where palaces, casinos, a stadium and a water park will be built.
CAR Finance Minister Herve Ndoba explained that Sango Coin will be a state currency tied to bitcoin, similar to how there are cryptocurrencies tied to fiduciary assets, such as stablecoin. Since the beginning of May 2022, the CAR government has also been using blockchain to digitize the land cadastre system.
The currency is named after the Sango language, which, along with French, is one of the two official languages in the landlocked CAR, which ranks second in the world in terms of poverty according to the United Nations Human Development Index (UN). In April 2022, the CAR recognized bitcoin as legal tender, becoming the first country in Africa to adopt bitcoin as the base currency and the second in the world after El Salvador in September 2021.[1]
Notes
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