The second country to declare Bitcoin as its official currency, the Central African Republic is preparing to launch its own altcoin. Central African Republic President Faustin-Archange Touadéra said Sango Coin will be the next generation currency for the Central African Republic while announcing his plans for the use of Bitcoin and crypto at the Sango Genesis Event.
Describing the national cryptocurrency as the gateway to the Central African Republic's natural resources, Faustin-Archange Touadéra referred to previous plans to tokenize the country's natural resources, including oil, diamonds and copper.
The African country has become the first in Africa and the second in the world to accept Bitcoin as its legal currency, after announcing its efforts to build its economy on cryptocurrencies in recent months. With the Sango Coin project, which can be considered a new stage, it is now seen that efforts to establish a crypto-based economy continue. On the other hand, establishing a crypto island for the country's digital economy center is also within the economic development plans.
Speaking at the Sango Genesis Event, Central African Republic Finance Minister Hervé Ndoba said that the national cryptocurrency is backed by Bitcoin, but did not elaborate on Sango Coin's reserve structure.
The Central African Republic, which is among the least developed countries in the world, is also a country with rich natural resources. President Faustin-Archange Touadéra, in his previous statements, took a determined stance against the criticisms of his country's adoption of Bitcoin and stated that the global economy did not treat his country fairly.
The African country, which has decided to adopt cryptocurrencies to develop its economy, also intends to use Blockchain technology efficiently. The Central African Republic has recently announced that it will use Blockchain technology to digitize the land registry system.