The Central African Republic will tokenize resources like land on a blockchain platform, allowing easier mobilization of resources, despite the struggles of its token Sango.
The IMF was optimistic in its outlook for the Central African Republic, projecting a 2.2% GDP growth for 2023, but it maintains that CAR must strike out BTC.
Launched in July 2022, Sango Coin received underwhelming reception from investors, while the country’s Constitutional Court threw out the promise of purchasing CAR citizenship through Sango coins.
Sango Coin’s tech team announced that it’s working to restore deposits even as the Central African Republic’s digital currency venture continues to receive widespread criticism.
CAR’s government picked representatives from various ministries and agencies to work out how best to integrate Sango, a project that has failed to catch on.
The ill-fated currency won’t be publicly listed just yet, with the government citing current market conditions and the holiday season as the main reasons.
CAR had offered citizenship for foreigners who staked $60,000 worth of Sango Coins for five years, and e-residency for $6,000 staked for at least three years.
The CAR Sango Coin is going for $0.10 currently before rising to $0.15 in the next phase and listing for $0.45 as the government targets raising $1 billion.
CAR President Faustin-Archange Touadéra also emphasized that Sango Coin is part of the CAR's vision to have an "integrated capital market that could stimulate commerce and sustain growth."
President Faustin-Archange Touadéra has taken on the Nayib Bukele attitude of pushing BTC at all costs and says the Sango hub will create monetary liberation as skeptics abound.
CAR's President Faustin-Archange Touadera tweeted that the democratization and tokenization of the country's resources have "tremendous possibilities."