Central African Republic doubles down on crypto ambitions

Central African Republic (CAR) president Faustin-Archange Touadera has delivered another statement claiming that the country stands to benefit from embracing cryptocurrencies.

The latest project by the country includes a new token project called “Sango Coin”. According to Touadera, this and other digital currencies are a way for CAR to overcome the financial exclusion it currently experienced.

“Sango Coin will be the currency of the new generation of the Central African Republic”, Touadera said during the launch event on Sunday, arguing it would guarantee that the country has access to natural resources because of embracing it.

The country was also the first in Africa to make Bitcoin (BTC) a legal tender back in April. Now, the president wants to double down on this commitment.

To make this a reality, the country would need a good internet connection along with a strong electrical grid, which are two things that CAR simply does not have right now.

The country has also been criticized for the uncoordinated switch to BTC by the International Monetary Fund, former ministers and neighboring countries.

While there are many challenges for CAR to overcome in order to adopt a working digital economy, enthusiasm among ordinary citizens seems to be steady.

Refinitiv data noted that despite a 58% drop in the price of BTC, most people have held onto their assets.

In the meantime, you can use crypto recreationally at places such as Bitcasino.io, 1xBit or FortuneJack.

Source

Updated: 07/04/2022 — 17:00