The world was taken by surprise when the President of CAR, Faustin-Archange Touadera, made his announcement regarding the adoption of Bitcoin as legal tender on April 21 and then with the following implementation of the SANGO Coin ( ) on July 3.
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In this regard, the Central African Republic, a country located in the heart of Africa, a region with untapped growth potential, is working on a new structure for its economy, paving the way to a digital future:
"There is already a vision for Africa: a common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth." Faustin-Archange Touadera, president of the Central African Republic.
The Central African Republic plans to raise a total of USD 1 Billion by issuing the first national digital currency, called SANGO. Once raised, the capital will be used to tokenize the country's resources, offering worldwide investors the opportunity to contribute, benefit from it, and to build the entire digital infrastructure, based on the Sango blockchain, a novel Layer-2 Bitcoin sidechain.
With more than USD 2.2 Trillion in Iron ore and a further USD 60 Billion in each individual resource of Gold, Oil, Diamonds and Lithium, CAR is leading the way to the democratisation of access to resources. Tokenization allows access to global capital in a democratic and transparent way, allowing investors of all sizes to buy fractionalized assets representing the country's resources.
From the decentralisation and tokenization of its resources to offering citizenship, e-residency and land through locking the newly issued coin, Sango will govern the whole economic ecosystem of the Central African Republic. It already appears that other African countries are showing significant interest in finding similar digital solutions.
The initiative has already gone mainstream as it is backed by the country's administration and also applauded by big names in the industry and Africa. Changpeng Zhao (Binance), Michael Saylor (MicroStrategy), Ricardo Salinas Pliego (Salinas Group) and Reuben Abati (Nigerian Presidential Spokesperson) are among those that have shown their support on Twitter since the official announcement.
The official GENESIS PAPER { } of Sango has been released together with the Concept Deck for a complete understanding of the technical complexity and benefits of the ambitious Central African project. SANGO, the first national digital currency is also the first currency to be fractionally backed by Bitcoin "digital gold".
Starting from yesterday, the platform is also open for registrations and KYC. The official launch date of the SANGO GENESIS has been set for July 25, and it will mark the beginning of a new era for the Central African Republic and perhaps for the entire world.
This new economical approach sheds more light on the integration and potential participation of the entire world in a country's development, with limitless investment possibilities for anyone in the crypto space and beyond it.
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( With inputs from ANI )
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