The Central African Republic (CAR) has unveiled its ambitious Sango Project, which aims to tokenize access to the country’s abundant natural resources. President Faustin-Archange Touadéra shared the details of the project’s next steps in a statement posted on his official Twitter account. The statement, signed by Minister of State and Cabinet Chief of Staff Obed Namsio, highlighted the transformation of these resources into valuable digital assets through a new administrative and economic movement.
To facilitate investment opportunities in the country’s economy, Touadéra has requested the parliament to prepare a new strategy. The CAR became the second country in the world to adopt Bitcoin (BTC) as legal tender in April and recently introduced Project Sango. The project claims that the World Bank approved a $35 million development fund for a Sango crypto hub in the country, although the World Bank itself has declared that it will not support the initiative.
The Sango Project focuses on creating a legal framework for resource tokenization, establishing e-residency for investors, building crowdfunding infrastructure, and developing Crypto Island, a metaverse platform. The CAR possesses significant reserves of various minerals including gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, and manganese.
However, questions have been raised regarding the benefits of adopting Bitcoin as legal tender in the CAR. The country’s state fragility and limited development, with only a small minority of residents having access to the internet and electricity, have cast doubts on the potential success of this move.
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