Crypto-Adoption in the Works – The Central African Republic made a big step towards bitcoin (BTC) during the year 2022. The king of cryptos has become there legal tender. But the Central African government would also like the country to adopt its own crypto: the Sango Coin. One work group has just been formed in this direction.
A rather difficult start for the Sango Coin
Since adopting Bitcoin, the Central African Republic is considering various cryptocurrency-based projects. In addition to considering the tokenization of its resources (particularly mining), the country would like to promote its own single currency, called Sango Coin (SANGO). The latter was thus launched in July 2022. But the token knows some setback since.
Indeed, given a internal reluctance, from the Constitutional Courtand one macroeconomic context which was not folichon until the end of last year, the launch of phase 2 of the SANGO project has been postponed until 2023 (it was originally planned for December 2022).
>> Do you want to trade Bitcoin and cryptocurrencies without breaking the bank? AscendEX opens its arms to you (commercial link) <<
The Central African Republic does not lose hope to acquire its state crypto
But according to a recent publication by The Block, Central African leaders are far from wanting to abandon their cryptocurrency project. On the contrary, according to a government press release, a working group has been set up to promote integration of the Sango Coin to the economy of this African nation.
The 15 members of this working committee, drawn from various Central African ministries, are responsible in particular for drafting a “law on the use of cryptocurrencies”. Likewise, they should work to develop “guidelines for tokenization” raw material resources of this country.
Oil, gas, diamonds, gold… as many precious resources as the president Faustin Archangel Touadera would like so digitize on blockchain, to facilitate trade and exchange, in order to revive the economy of the Central African Republic. And, as the precursor Salvador already didthe small African nation would also like to attract crypto-enthusiastic foreign investors.
The dominoes are starting to fall one by one, allowing Bitcoin to gain a little more traction every day. On your side, don’t wait any longer to join the greatest of modern monetary revolutions! Go register on AscendEX. To trade cryptocurrencies without breaking the bank, take advantage of a 10% reduction on trading fees (commercial link, see conditions on site).