President of Central African Republic says successful launch of Sango Coin an important milestone – Africa Bitcoin News

President of Central African Republic says successful launch of Sango Coin an important milestone – Africa Bitcoin News
President of Central African Republic says successful launch of Sango Coin an important milestone – Africa Bitcoin News

According to the President of the Central African Republic, Faustin-Archange Touadéra, his country’s launch of the “Sango coin” currency, as well as the call for the creation of a common digital currency by the regional central bank, represent two important achievements for his country and everyone. of Africa. President Touadéra also said “Sango is the future of our country” and that his government supports “bitcoin and blockchain adoption at the national level.”

“Not an Easy Road”

The Central African Republic (CAR) President, Faustin-Archange Touadéra, recently claimed that the launch of the sango coin, as well as the call for the issuance of a common digital currency by a regional central bank, are two critical milestones for his country. and the continent.

President of the Central African Republic says successful launch of Sango Coin an important milestone

While admitting his government knew the decision to launch the sango coin and declare bitcoin legal tender “would not be an easy road”, the CAR leader insisted in his latest Twitter thread that the coin sale “represents our country’s opening to the world: attracting global talent, investment and resources.”

Indeed, after an announcement that CAR had become the second country to declare bitcoin legal tender after El Salvador, the decision was criticized by the Bank of Central African States (BCAS) and the International Monetary Fund (IMF). Nevertheless, the criticism did not stop Touadéra’s government from moving forward with the process to adopt bitcoin and the eventual launch of the sango coin.

See also  Mt. Gox trustee outlines timeline for Bitcoin creditor claims ahead of $3 billion BTC payout

Touadéra explains why his country has gone ahead with the sango coin project:

Sango is not an ordinary cryptocurrency, it is the first attempt to have a sovereign national digital currency. Sango is the future of our country. Our vision. Our past. Our future.
We support bitcoin and blockchain adoption at the national level.

The CAR leader also apparently sought to allay some of his followers’ concerns who believed the government’s decision to launch the sango coin was bad. In the thread, he insisted that the sango coin is backed by bitcoin which he equates to “digital gold.”

Wealth distribution via tokenization

Noting that his country is endowed with natural resources such as gold, iron, lithium and uranium, however, Touadéra said his government “is not looking to give away this wealth.” Instead, the government’s goal is to share this wealth fairly via “tokenization.”

Soon after the announcement of CAR’s bitcoin adoption, some experts immediately cast doubt on the Touadéra administration’s ability to make this a success. In a response apparently aimed at those experts and others who did not say, Touadéra spoke about the motivation behind the government’s insistence on reviewing this.

“Our vision is ambitious. We are ambitious. Digital currencies are the solution for Africa. We want to build for the future. Establishing our own national digital currency on top of Bitcoin. Our connection with Bitcoin helps us enable worldwide financial inclusion,” explained the CAR President.

Touadéra ends the thread by imploring his followers to support his country in building “a better future for our nation, for Africa and for the world.”

See also  Not all Bitcoin doubts are material

Register your email here to get a weekly update on African news delivered to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.







Image credit: Shutterstock, Pixabay, Wiki Commons, sandis sweicers / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.

Leave a Reply

Your email address will not be published.