Central African Republic Launches National Bitcoin-Connected Crypto Project

July 16, 2022 2:50 pm Comments

The Central African Republic is now setup to be selling its own cryptocurrency next week which is named the Sango Coin.

This makes it one of the first nations to do such a thing which indicates that crypto adoption is happening at a much faster pace in some regions of the world.

This move is quite bold given the current state of the crypto industry where the bear market has made many crypto businesses fail.

Sango Coin is expected to go on sale on July 21 and can be acquired with a minimum investment of only $500 which can be paid using other digital assets like Bitcoin.

PYMNTS.com reports:

The Central African Republic was the first country in Africa, and the second worldwide, to make bitcoin an official currency, and President Faustin-Archange Touadera has said crypto can help bring about financial inclusion.

Last month, Touadera spoke at a launch for the Sango crypto initiative, arguing that cryptocurrency is a good alternative to the cost of traditional bank accounts.

“The alternative to cash is cryptocurrency,” the president said. “For us, the formal economy is no longer an option.”

Six countries in central Africa use the Bank of Central African States (BEAC) and the Central African CFA franc as a currency. Two former Central African Republic prime ministers have spoken out against the country’s adoption of cryptocurrency without the OK of the central bank.

So far, the first country in the world to make Bitcoin legal tender was the country of El Salvador.

Now, it seems that there are multiple countries within Africa that are aiming to follow similar steps which will greatly boost crypto adoption in their respective regions.

For example, the Nigerian central bank has launched a digital asset that is called eNaira which has telephone utilities.

As more digital assets continue to be integrated in government functions and operations, regulators will have to establish clear guidelines that are favorable for growth and innovation of crypto.

TheBlock.co reports:

The Central African Republic (CAR) will launch the Sango Platform on July 25, according to an email seen by The Block that was sent to pre-registered users of the country’s crypto project.

According to the email, the Sango Platform will serve as a central hub for crowdfunding, distribution and community support efforts.

“Users are now able to become eligible and get ready for the official launch on the 25th of July by registering & getting KYC approved,” the email said.

Sango is a national crypto project being developed by the CAR government with Sango Coin (SANGO) as the native currency of the ecosystem. SANGO has a total supply of 21 billion tokens.

CAR became the first African country to adopt bitcoin (BTC) as legal tender in April. The country says it has plans to tokenize its vast mineral deposits using the SANGO cryptocurrency.

More countries within Africa may soon follow suit which may make Africa a key crypto hub in the future.

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