BANGUI, Central African Republic—The Central African Republic (CAR) says it is planning to launch its own national digital currency called Sango Coin.
CAR President Faustin-Archange Touadéra announced the decision during the Sango Genesis Event, a recent virtual event launching the country’s crypto hub initiative, The Cable reported.
The development comes two months after the country became the first in Africa to adopt Bitcoin as legal tender and the second in the world after El Salvador. The El Salvador initiative has been a flop to date, with the country seeing its investment in crypto plunge in value and only a very small percentage of its citizens using the new crypto wallet the country has debuted.
According to Touadéra, Sango Coin will be the next-generation currency for the country and will be a gateway to the country’s natural resources, The Cable said.
Benefits Cited
The president said that Sango Coin is part of the CAR’s vision to have an integrated capital market that could stimulate commerce and sustain growth.
“He talked about the need for financial inclusion and the need for the country’s citizens to easily have access to cryptocurrencies via smartphones,” The Cable noted.
“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity,” Touadéra stated.
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