Central African Republic (CAR) Launches its Cryptocurrency, Sango Coin

In a virtual event webcast on Sunday, Central African Republic (CAR) President Faustin-Archange Touadéra introduced Sango Coin as the nation’s cryptocurrency. Known as the “Sango Genesis Event,” it heard the president of the nation outline strategies for using cryptocurrencies like Bitcoin. Sango Project Launched After Bitcoin Legal Tender Declaration The Sango project launched after CAR declared Bitcoin (BTC) to be the legal money in April. In addition to accelerating local BTC acceptance and supervising the implementation of crypto legal frameworks and infrastructure, the project intends to draw enterprises and international crypto talent and enthusiasts. Sango Coin and “The Crypto Island,” a Metaverse platform, are also developing. President Faustin-Archange Touadera presented the goal for Sango in his remarks stating that it “could stimulate commerce and sustain growth,” at the launch event on July 3. Financial inclusion and the significance of enabling citizens to access cryptocurrencies via a smartphone quickly were two of the main issues President Touadera stressed. He made analogies to the underutilized CAR banking sector, which has several entrance barriers: “The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid ac...