On Sunday, July 3, Central African President Faustin-Arkange Touadera announced the launch of Sango Coin as the country’s national cryptocurrency at the virtual Sango Genesis Event.
According to President Touadera, Sango Coin will be a gateway to the Central African Republic’s natural resources. The Central African government previously announced plans to tokenize the country’s natural resources, including oil, diamonds and copper.
“Sango Coin will be the next generation currency for the Central African Republic.”The president
Hervé Ndoba, the country’s finance minister, also appeared at the event and said that Sango Coin would be backed by Bitcoin, but did not specify how. Earlier in April, the CAR recognized Bitcoin as an official currency.
The country plans to use Sango Coin to create a crypto-economy based on private investment. There are plans to create a “crypto-island” on the Ubangi River.
Instead of taking one of the existing major blockchains, they are releasing their own worthless phantom