The Central African Republic (CAR) has expanded its Sango blockchain initiative to encompass the tokenization of its land and natural resources.
J’ai l'honneur de diriger l'adoption du potentiel de la #blockchain.
La loi sur la tokenisation de la République #centrafricaine nous propulse vers un avenir favorable aux entreprises. [..]#RCA
1/2 pic.twitter.com/FAJ3WGh0IU
— Faustin-Archange Touadéra (@FA_Touadera) August 21, 2023
The recently passed law encompasses various provisions, one of which enables the online acquisition of business visas. This legislation also facilitates the establishment of businesses by both citizens and foreigners streamlining the process for obtaining licenses in sectors such as real estate, agriculture, natural resource exploitation, and forestry.
The statement indicated that the law garnered unanimous approval.
In June 2022, the central African nation revealed its intentions to tokenize its natural resources, as part of its sweeping crypto master-plan dubbed ‘Project Sango.’ The Sango Project also entailed the establishment of its proprietary Crypto Island Metaverse.
“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement,” President Faustin-Archange Touadéraha said in 2022.
Tied to the tokenization project is the Sango cryptocurrency which the project team intends to list on exchanges. Ownership of the cryptocurrency entitles one to several benefits depending on the amount one holds, including:
- Citizenship in the Central African Republic (CAR) can be obtained by locking a fixed collateral of SANGO Coins in the amount of $60,000 for a period of 5 years. After the period ends, the SANGO Coins are returned to the owner
- The e-residency in the Central African Republic can be obtained by locking a fixed collateral of SANGO Coins in the amount of $6,000 for a period of 3 years. After the period ends, the SANGO Coins are returned to the owner
- Land plots in the country can be obtained by locking a fixed collateral of SANGO Coins in the amount of $10,000 for a period of 10 years
In January 2023, President Touadera announced the formation of a committee that would draft a new, more comprehensive bill on the use of cryptocurrencies.
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