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.
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.
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.
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."