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President Faustin-Archange Touadéra

Report: Constitutional Court Says Central African Republic’s Sango-Coin-for-Citizenship Scheme Is Illegal

Report: Constitutional Court Says Central African Republic’s Sango-Coin-for-Citizenship Scheme Is IllegalA constitutional court in the Central African Republic has reportedly ruled that the Touadéra government’s offer of land and citizenship to buyers of the sango coin is unconstitutional. The court said the sango-coin-for-citizenship scheme must be stopped because the country’s “nationality has no market value.” Offering Land and Minerals to Sango Coin Investors Ruled Unconstitutional […]

Deutsche Bank Acknowledges Crypto’s Leading Role in Ensuring BRICS’ Payment Capabilities

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 MilestoneAccording 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 […]

Deutsche Bank Acknowledges Crypto’s Leading Role in Ensuring BRICS’ Payment Capabilities

Head of African Regional Central Bank Calls for Creation of Digital Currency

Head of African Regional Central Bank Calls for Creation of Digital CurrencyThe head of the Bank of Central African States (BCAS), Herve Ndoba, has told the regional central bank’s board that it must create a common digital currency which will be used by six countries belonging to the Central African Monetary Union (CAMU). Ndoba reportedly wants the BCAS to establish a common legal framework for regulating […]

Deutsche Bank Acknowledges Crypto’s Leading Role in Ensuring BRICS’ Payment Capabilities

Sango crypto hub goes live in the Central African Republic

Central African Republic President Faustin-Archange Touadera outlined that the Sango crypto hub project will foster financial inclusion by removing the barriers to entry in the banking sector.

The Central African Republic (CAR) has launched its new government-backed Sango crypto hub initiative to foster the development of the local digital asset sector.

The Sango project follows the CAR’s adoption of Bitcoin (BTC) as legal tender in April. The initiative aims to attract businesses and global crypto talent/enthusiasts, ramp up local BTC adoption and oversee the rollout of crypto regulatory frameworks and infrastructure. A Metaverse platform dubbed “The Crypto Island” and Sango Coin is also in the works.

Speaking at the launch event on July 3, President Faustin-Archange Touadera outlined the vision for Sango is to have a “common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth.”

One of the key points President Touadera emphasized was financial inclusion and the importance of citizens being able to gain access to crypto via a smartphone easily. He drew comparisons with the underutilized banking sector in CAR, which has several barriers to entry:

“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”

“This technology will give an identity to the continent by reducing cost. This vision is perfect, and we do not have the time to wait. [...] For us, the formal economy is no longer an option," he added.

Despite the CAR president’s bullishness for the project, the World Bank stated in May that it will not be “supporting Sango” over transparency concerns and “potential implications for financial inclusion.”

Sango is backed by the CAR’s National Assembly and is being driven primarily by President Touadera. While many specifics are yet to be detailed, a significant focus of the project will be to tokenize the country’s abundant natural resources to open up greater investment access to them.

Citizen identity and ownership of assets will also be tokenized as an NFT. Additionally, Crypto Island will play a crucial part in facilitating this ecosystem and serve as a way for verified users to gain access to tokenized assets.

Related: Bitcoin addresses in loss hit all-time high amid $18K BTC price target

The expanded Bitcoin support will also see the development of a local wallet built for BTC and the lighting network.

Deutsche Bank Acknowledges Crypto’s Leading Role in Ensuring BRICS’ Payment Capabilities

Central African Republic President on BTC Volatility: ‘Mathematics Don’t Account for Human Emotions’

Central African Republic President on BTC Volatility: ‘Mathematics Don’t Account for Human Emotions’In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadéra, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadéra, the country’s future generations are likely to applaud his government for “choosing the right path during […]

Deutsche Bank Acknowledges Crypto’s Leading Role in Ensuring BRICS’ Payment Capabilities