New Era of Financial Empowerment
Central African Republic (CAR) is embracing blockchain technology with the launch of an initiative that tokenizes its land and natural resources. The Sango project team announced this groundbreaking initiative, stating that CAR is entering a new era of financial empowerment through blockchain technology.
The Sango Coin
The Sango project introduced the Sango Coin, a national digital currency, in July 2022. This cryptocurrency allows foreign investors to purchase citizenship and e-residency in CAR by holding an equivalent amount of Sango Coins as collateral for a specified period. The CAR initially made headlines for accepting Bitcoin as legal tender alongside the CFA Franc in April 2022, but the law was later reversed, and the Sango coin is now also backed by Bitcoin.
A Preferred Business Destination
The CAR is aiming to position itself as a preferred business destination in Africa by tokenizing its land and natural resources. President Faustin-Archange Touadéra enacted Law No. 23.010, which governs the tokenization of natural resources and rights in the country. This innovative legislative framework will make CAR one of the most business-friendly environments on the continent.
Transforming the Economy
The CAR believes that adopting this innovative approach will drive sustainable economic growth and enhance its international financial standing. Individuals, both domestic and foreign, will be able to easily establish their businesses and obtain licenses in various sectors, such as real estate, agriculture, natural resource exploitation, and logging. All these businesses will operate seamlessly through the Sango platform, leveraging the capabilities of blockchain technology.
Access to Capital and Participation
Resource tokenization through the Sango platform will provide investors worldwide with access to CAR’s abundant natural resources. This transparent and democratic process allows for the monetization of natural resources, facilitating broader participation through fractionalization. CAR’s rich resource deposits, including iron, diamonds, gold, graphite, uranium, and limestone, present significant investment opportunities worth trillions of dollars.
