Central African Republic President Says Successful Launch of Sango Coin a Key Milestone

Central African Republic President Says Successful Launch of Sango Coin a Key Milestone

According to Central African Republic President Faustin-Archange Touadéra, his country’s launch of the “Sango coin” currency, as well as the call for the creation of a common digital currency by the regional central bank, represent two key achievements for his country and all of Africa. President Touadéra also said “Sango is the future of our country” and that his government supports “bitcoin and blockchain adoption at a national level.” ‘Not an Easy Road’

The Central African Republic’s (CAR) president, Faustin-Archange Touadéra, recently claimed that the launch of the sango coin, as well as the call for the issuance of a common digital currency by a regional central bank, are two critical milestones for his country and the continent.

While admitting that his government knew the decision to launch the sango coin and declare bitcoin legal tender “would not be an easy road,” the CAR leader insisted in his latest Twitter thread that the coin sale “represents our country’s opening to the world: attracting global talent, investment and resources.”

Indeed, following an announcement that the CAR had become the second country to declare bitcoin legal tender after El Salvador, the decision was criticized by The Bank of Central African States (BCAS) and the International Monetary Fund (IMF). Nevertheless, the criticism did not stop Touadéra’s government from proceeding with the process to adopt bitcoin and the eventual launch of the sango coin.

Explaining why his country has pressed ahead with the sango coin project, Touadéra said: Sango is not any regular cryptocurrency, it is the first attempt to have a sovereign National Digital Currency. Sango is the future of our country. Our vision. Our past. Our future.

We support bitcoin and blockchain adoption at a national level.

The CAR leader also seemingly attempted to assuage some of his followers’ concerns who felt his government’s decision to launch the sango coin was ill-advised. In the thread, he insisted the sango coin is backed by bitcoin which he equates to “digital gold.”

Wealth Distribution via Tokenization

While noting that his country is endowed with natural resources like gold, iron, lithium and uranium, Touadéra, however, said his government is “not looking to give away this wealth.” Instead, the government’s objective is to share this wealth equitably via “tokenization.”

Just shortly after the announcement of the CAR’s bitcoin adoption, some experts immediately cast doubt on the Touadéra administration’s ability to make this a success. In a response seemingly aimed at these experts and other naysayers, Touadéra spoke of the motivation behind his government’s insistence on seeing this through.

“Our vision is ambitious. We are ambitious. Digital currencies are the solution for Africa. We want to build for the future. Establishing our own National Digital Currency on top of Bitcoin. Our connection with Bitcoin helps us enable worldwide financial inclusion,” explained the CAR President.

Touadéra ends the thread by imploring his followers to support his country in building “a better future for our nation, for Africa and for the world.”

Register your email here to get a weekly update on African news sent to your inbox:

Tags in this story Bank of Central African States (BCAS), Bitcoin adoption, Blockchain, Digital Currency, IMF, President Faustin-Archange Touadéra, Sango coin, The Central African Republic, The Central African Republic bitcoin

What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Binance CEO Meets Central African Republic Leader — President Touadéra Says Meeting Was a "Truly Remarkable Moment" AFRICA | 6 days ago Speculators and Crypto Traders Blamed for Naira"s Plunge, Kenyan Institutions Told to End Dealings With Nigerian Fintechs, CAR Token Sale off to Slow Start AFRICA | Aug 4, 2022

Image Credits: Shutterstock, Pixabay, Wiki Commons, sandis sveicers / Shutterstock.com Previous articleNetskope Discovers Hackers Are Using Google Sites and Microsoft Azure to Steal Crypto Next articleBitcoin, Ethereum Technical Analysis: ETH Hits $2,000 for First Time Since May Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design