Central African Republic launches its own cryptocurrency project and hub

DrTwo months after making his country the second in the world after El Salvador to adopt bitcoin as its official currency – along with the CFA franc – and legalizing the use of cryptocurrencies, Central African President Faustin Archange Touadéra announced during Online event to throw “A New Digital System Powered by Blockchain Technology”.

However, no details have been provided about the methods and timeline for creating “Sango Currency” and “Crypto Island”, a platform that will allow this virtual currency to become “The catalyst for the symbolization of vast natural resources” Central African Republic.

This “Sango initiative,” from the name of the official language along with French, comes in the midst of a global cryptocurrency crisis, with the price of bitcoin falling and many crypto platforms at risk of bankruptcy.

Regretting that Africa, “Where 57% of the population does not have a bank account”suffers from a stark deficiency “Infrastructure” industry “Financial services virtually inaccessible to many residents”Toadira said After I found the solution : “the smartphone”To trade and invest in cryptocurrency.

“The smartphone is an alternative to traditional banking, cash and financial bureaucracy.”President Touadera said.

According to the World Bank, only 14.3% of the Central African Republic’s population of over 5 million will have access to electricity in 2022, and even less online, with 71% of them living below the international poverty line (lower than the US) . $1.90 per day) and more than half of them need humanitarian assistance.

“Central African Republic lies on a mountain of untapped wealth”including gold, diamonds, rare metals and “Sango Coin will be the means of direct access to our resources all over the world” to attract investors and Starting the engines of the economysaid the President of the Central African Republic.

(with map)