The statement, signed by Minister of State and Cabinet Chief of Staff Obed Namsio, stated:
“We are allowing everyone to access the wealth of our land. In other words, we are transforming these resources into valuable digital assets through an unprecedented administrative and economic movement.”
The statement also mentioned that Touadéra has asked the parliament to develop a new strategy for creating investment opportunities in the country’s economy.
The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.
This #vision & strategy will open unique #opportunities for #investors #worldwide. #CAR #RCA pic.twitter.com/v7mzlsUeTw
— Faustin-Archange Touadéra (@FA_Touadera) June 2, 2022
The CAR, which became the second country in the world to adopt Bitcoin (BTC) as legal tender in April, introduced Project Sango last month. The project’s website claims 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.
One of the key components of the Sango Project is the creation of a legal framework for resource tokenization. Other aspects include establishing e-residency for investors, crowdfunding infrastructure, and the creation of Sango, the Crypto Island metaverse. The CAR possesses reserves of gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, manganese, and other minerals.
However, there are doubts about the benefits of adopting Bitcoin as legal tender in the CAR due to the country’s fragile state and limited development. Only a small minority of residents have access to the internet or electricity.
Photo Casablanca Stock/Shutterstock
