The Central African Republic (CAR) has recently launched an ambitious crypto project that plans to implement Bitcoin as legal tender, create its own metaverse, and attract investments.
The government announced their plans for its ambitious project, Sango Project, by tokenizing their country’s natural resources, something which they have in abundance. Their President, Faustin-Archange Touadéra posted on Instagram a photo of a statement made on his official Twitter account earlier this week that details the plans for the project.
The statement that was also signed by other government officials, Minister of State and cabinet chief of staff Obed Namsio, said:
“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”
It also said that Touadéra asked the parliament to devise a new plan to make investment opportunities to aid improve the country’s economy.
CAR became the second country to adopt Bitcoin (BTC) as a legal means of tender. The announced on their website that the World Bank approved a $35 million developmental fund for the Sango crypto hub in the country. This comes even though the World Bank has been quoted saying they would not support the plan.
The implementation of a system that tokenizes the countries natural resources is the key element of the Sango Project. It also aims to establish e-residency for investors, founding Sango, the country’s eventual metaverse, and crowdfunding infrastructure. The countries natural resources consist of copper, rhodium, limestone, manganese, cobalt, diamonds, gold, oil, and iron. All very valuable minerals across the world.
The potential of implementing Bitcoin as legal Tender in the country have been scrutinized due to the fact that only few of the residents of the country have access to internet or electricity, the fragility of the start and the low development of the country.