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Central African Republic To Tokenize Natural Resources To Attract Investors

Central African Republic , the second country in the world following El Salvador to accept BTC as a legal tender moves towards expanding the  use of blockchain technology. 

BY FAME

Central African Republic (CAR), the second country in the world to make BTC legal tender, plans to deepen its adoption of blockchain technology.

Faustin-Archange Touadera, the country’s president, has introduced a new initiative to tokenize the country’s resources.

He said “The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities. We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”

It was reported that after he met with the country’s parliament, he asked them to work on a new strategy to create investment opportunities in the country’s economy.

The CAR has richness of natural resources in the form of diamonds, gold, uranium, and other minerals. Tokenizing the country’s abundant resources will essentially allow these real-world resources’ rights and advantages to be represented on-chain. Though CAR has initially planned tokenization aspirations last month when it introduced Project Sango which is advertised as a “crypto island” and Africa’s first digital asset hub.

With this effectiveness of tokenization, Firms and investors in digital assets will not be obliged to pay corporation tax in this hub, and they will be provided citizenship by investment, digital ownership and identity, online company registration, and an e-residency programme in the country.

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