Moreover, CAR will leverage Sango Coin to create a crypto-based economy driven by private investment. This digital economic hub also includes the creation of a ‘crypto island’ on the Oubangui River. One of the key points President Touadéra emphasized was financial inclusion and the importance of citizens being able to gain access to crypto via a smartphone easily.
Speaking about the blockchain technology, President Touadera said:
“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.”
– President, Central African Republic (CAR)
According to the President, citizens stand to benefit from virtual transactions which, in contrast to traditional banking, have the advantage of:
Lack of bureaucracy
Finance Minister, Hervé Ndoba, also appeared at the event and stated that the national crypto will be backed by bitcoin.
Apart from introducing Sango Coin, the Touadéra administration says it wants to adopt blockchain technology to revamp the country’s digital architecture.
The CAR government plans to use blockchain to digitize its land registry system.