The Central African Republic (CAR) has now announced plans to tokenize the country’s rich natural resources to help its Sango Project. Yesterday, President Faustin-Archange Touadéra tweeted an image of the official statement that detailed the next steps in the project.
The statement, signed by Minister of State and cabinet chief of staff Obed Namsio, reads, “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.”
As per the statement, Touadéra has asked the parliament to come up with a new outline to generate investment opportunities in the country’s economy.
In April, CAR became the first African country and the second country in the world to adopt Bitcoin as legal tender, a decision which was later rebuked by many African Banks.
The CAR introduced Project Sango last month. The project’s website claims that the World Bank confirmed a $35 million development fund for a Sango crypto hub in the country. However, the World Bank has stated that it won’t support the initiative.
For the Sango Project, creation of a legal framework for resource tokenization is an important aspect.
Another key element is issuing e-residency for investors, crowdfunding infrastructure and the founding of Sango—the Crypto Island metaverse. The CAR has reserves of gold, diamonds, oil, iron, copper, uranium, rhodium, limestone, cobalt, manganese and other minerals.
