[Delio] President of the Central African Republic: Cryptocurrency is Essential for Financial Inclusion
The presidency of the Central African Republic reported that the country had adopted Bitcoin and launched its own crypto as an official currency, making it the first in Africa and the second in the world to do so, crypto media Reuters reported on July 3.
The Central African Republic’s National Assembly has launched the national cryptocurrency called Sango Coin, which will be used for infrastructure modernization and metaverse projects along with Bitcoin. This decision was led by Touadera, who claimed that the token would grant access to the nation’s “mountain” of natural riches aiming to “improve the conditions of Central African citizens” and calling this decision “a decisive step toward opening up new opportunities for our country”.
“The Sango Coin will serve as a gateway to Central Africa’s natural resources,” added President Touadera. Central Africa previously announced plans to tokenize natural resources such as oil, diamonds, and copper. Finance Minister Hervé Ndoba also attended the event and mentioned that the Sango Coin is backed by Bitcoin.
Despite the fact that the recent declines in the value of cryptocurrencies do not appear to have dampened the excitement for them in the Central African Republic. According to Refinitiv’s statistics, the price of bitcoin has dropped over 58 percent in the last three month and will be shown a progress of the development in the near future.
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