An African country will launch its own cryptocurrency

The President of the CAR Touadera announced the imminent launch of his cryptocurrency in the country, the Bitcoin exchange rate:

The head of the Central African Republic (CAR), Faustin-Arcange Touadera, announced the imminent launch of his own cryptocurrency in the country, which will become an alternative to traditional money and will allow him to abandon the “use of conventional economy funds.” The new coin will be called sango, NDTV reports.

In April, the CAR became the first country on the continent to allow the use of cryptocurrency as an official means of payment. The sovereign coin became known against the background of a sharp decline in the bitcoin exchange rate (minus 58 percent since April) and other cryptocurrencies with the largest capitalization.

A number of experts, including the International Monetary Fund, are looking at the project with concern, because in the CAR, one of the poorest countries, the Internet and electrification necessary for mining are poorly developed. The President of the CAR did not comment on these concerns, assuring that sango will become the currency of a new generation of cars.

Earlier, deputies of the local parliament tried to challenge the adoption of the law on cryptocurrencies, expecting that the result would be an increase in money laundering, tax evasion, fraud, as well as the financing of terrorism.

The authorities of the republic do not provide details about the new project, including how sango will work, on what protocol it is based and when it can be paid. However, the project’s website says that it will allow tokenizing the natural resources of the republic, which will allegedly attract foreign investors.

Bitcoin from TradingView