The president of the Central African Republic (CAR), Faustin-Archange Touadéra, yesterday unveiled the national digital currency Sango Coin, The Block has reported.
According to him, the currency will modernize the country's infrastructure and become a "gateway to the natural resources of the Central African Republic."
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The country's government has previously announced it intends to tokenize the country's natural resources, including oil and diamonds.
Touadéra has said:
"Sango Coin will be the next-generation currency for the Central African Republic."
The country plans to use the Sango Coin to create a crypto economy based on private investment, including the creation of a crypto-island on the Ubangi River.
According to the country's finance minister, Hervé Ndoba, the national digital currency is backed by Bitcoin.