Connect with us

Hi, what are you looking for?

Crypto

Central African Republic Plans to Tokenize its Natural Resources

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.


Photo Casablanca Stock/Shutterstock

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...