Central African Republic launches Country’s official crypto, Sango Coin

Faustin-Archange Touadéra, the President of the Central African Republic (CAR) has launched Sango Coin, the country’s national cryptocurrency. He made the announcement at an online event yesterday.

At the event, the president outlined plans for bitcoin and the national crypto utilization. Although the specific details about the national token have not been disclosed, the significant focus will be on tokenizing the country’s resources, in order to bolster investment opportunities

This project is spearheaded by Toudera, and also backed by the Central African Republic’s National Assembly, hence, the country becomes the second, after El Salvador, to adopt bitcoin as a legal tender.

According to President Touadéra in his address: 

“Sango Coin will be the next-generation currency for the Central African Republic…The alternative to cash is cryptocurrency. For us, a formal economy is no longer an option” 

President Touadera