“With bitcoin as inspiration and legal tender, our country opens a new chapter in its encouraging journey towards a brighter future through the technology ‘blockchain'”, assures the president of the nation, Faustin Archange Touadéra.
The Central African Republic announced the official launch of the initiative Sango, which involves the creation of a monetary system powered by cryptocurrencies. Its inauguration is scheduled for next July 3 during an online event, confirmed this Monday the president of the nation, Faustin Archange Touadéra.
“With bitcoin as inspiration and currency legal tender, our country opens a new chapter in its encouraging journey towards a brighter future through ‘blockchain’ technology,” Touadéra wrote on Twitter.
The purpose of Sango is to accelerate the “tokenization” of resources natural of the country. “It is the most progressive economic initiative in Africa and elsewhere,” underlines a press release shared by the president, and signed by the Central African Minister of State, Obed Namsio.
In the note, Namsio assures that achieving the construction of a efficient economy quickly is only possible if it is based on new technologies, such as bitcoin, “which have conquered the world and brought money to other n level”.
This initiative arose after the Central African Republic adopted bitcoin as legal tender in April. In this regard, President Touadéra had reported last month on the plan to “remodel the financial system” with Sango because “the formal economy is no longer an option”.
According to the Sango website, this “crypto initiative” seeks to build a legal investment center in cryptocurrencies to attract businesses and enthusiasts from around the world, “take the legacy of bitcoin to another level” and “create the right conditions for a prosperous crypto economy”.