Central African Republic Advances Resource Tokenization Amidst Lukewarm Response to Sango Coin

(Image credits:coingeek)

In a bold move aimed at reshaping its economic landscape, the Central African Republic (CAR) is forging ahead with plans to tokenize its vast natural resources. This initiative, revealed by the Sango project team earlier this week, seeks to leverage blockchain technology for what they anticipate will be a “new era of financial empowerment.”

Despite the tepid reception that greeted Sango Coin, the nation’s homegrown digital currency, CAR is determined to chart a new course. The CAR’s legislative body has given the green light to the tokenization of land and natural resources, envisioning a future where the country becomes a preferred hub for business across Africa.

The ambitious law not only paves the way for the tokenization of resources but also introduces a streamlined process for online business licenses and electronic visa applications, open to both domestic and international enterprises. Once licensed, companies can seamlessly utilize the Sango platform, harnessing the potential of blockchain technology, as detailed by the Sango team.

The Sango project, conceived with resource tokenization in mind, unveiled Sango Coin last year. The state-backed token is tethered to Bitcoin through a separate sidechain network, distinguished from a Central Bank Digital Currency (CBDC). However, setbacks plagued the project from the beginning.

CAR’s Constitutional Court dealt a blow to the project by deeming the purchase of land and citizenship using Sango Coin unconstitutional. This ruling arrived just two months after the coin’s initial coin offering (ICO) commenced.

The ICO itself struggled to gain traction. Despite the offering of 200 million Sango Coins at a unit price of $0.10 during the genesis cycle, less than 8 million coins found buyers among the citizens.

In a move that caught global attention, CAR became the second country after El Salvador to accept Bitcoin as legal tender alongside the CFA Franc in April 2022. However, this landmark decision was reversed approximately a year later, raising questions about the nation’s evolving stance on cryptocurrencies.

As CAR forges ahead with its vision of resource tokenization, the success of this endeavor remains uncertain. With the echoes of Sango Coin’s mixed fortunes reverberating, only time will tell if the nation’s aspirations for financial empowerment through blockchain technology will bear fruit.

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