Central African Republic struck out since adopting bitcoin

Last Updated: 4 July 2022

Last year, the Central African Republic (CAR) was in the news for accepting bitcoin as legal tender. However, this development has come under fire after the country’s president announced the Sango Project. What this entails and why it would be a bad thing are explained in this article.

The Sango coin

The president of CAR, Faustin-Archange Touadéra, made this announcement at the ‘Sango Genesis Event,’ where the president also announced his own coin. This Sango coin is an altcoin that does not seem to have much use, as it is already difficult to google. What is it used for?

The Sango project seems to be a mixture of ‘making quick money’ and bad ideas. The country has recently adopted bitcoin as legal tender, so why do you need another currency? The president knows; the Sango project is a metaverse project of a real ‘crypto island.’ Here you would be able to pay with that currency.

Sango metaverse and tokenisation of commodities

It was described as the “Sango crypto hub initiative.” But the goal is as vague as it gets: everything, everywhere, all at once. The president promises the project would be “the only metaverse backed by reality.” It will be both a metaverse project and a real place. But what are the inhabitants of CAR — of which only about 4-10% have access to the internet — supposed to do with this project?

So far, Sango is raising more questions than answers, and the country’s president wants to try to tokenise (make coins out of products) not only clear crypto legislation — as far as that is still possible with so many ideas — but also raw materials. After all, CAR is full of raw materials such as iron, copper, coltan, lithium, cobalt, and others. That is why, Touadéra thinks it is logical to put these raw materials on the blockchain via tokens.

Why?

So all these ideas are part of the Sango project, but why does the country want this? Bitcoin is already legal tender there. It seems like they are at the beginning of a blockchain addiction after being in the spotlight so much. After all, why do you need these projects in one of the poorest countries in the world?

“With Bitcoin as legal tender & inspiration, our country opens a new chapter in its inspiring journey to a brighter future through blockchain tech,” tweeted President Faustin-Archange Touadéra.

“Gold was the engine of our civilisation for centuries! In this new era, digital gold will do the same for the future! Sango Project is the foundation we will build on, together as one!”

Can this succeed?

Perhaps CAR and its President have a very good reason for launching this Sango Project. In that case, the writer of this article should do better research.

Perhaps some NFT and metaverse fanatics will boost the country’s tourism, but that seems unlikely. Indeed, it is strongly advised against travelling to the country because of “violent crime.”

If it does turn out to be a successful project, the writer will come back and update you on the latest — in that case positive – news.

Author

  • Steven Gray is a journalist with a heart for crypto. He filters the wide range of news and ensures that it reaches the public in a comprehensible way. He often does this with the support of technical analysis.

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