Bangui wants to be a continental model. Despite national and international criticism, the presidency of the Central African Republic persist and sign in the tokenization of its economy. The only African country to have declared Bitcoin as legal tender, before discreetly reconsidering this decision, the Central African Republic (CAR) bet on the blockchain to try to get out of the economic rut in which the country finds itself. Minerals, hydroelectric power, oil, real estate, precious wood or agricultural production, everything could be tokenized and sold on the blockchain and the presidency wants to attract investors from all over the world with the help of an adapted and innovative legislative framework. Immediate boarding for one of the poorest countries in the world, but which does not intend to remain so.
The President of the Central African Republic is accelerating his tokenization policy…
For more than a year, the projects of the government in place have questioned the international community, unaccustomed to seeing this small country ofAfrica make the news for something other than coups or armed conflicts in the region. However, the president Faustin-Archange Touadera is setting up an ambitious economic development policy from Bangui with the blockchain at the heart of the reactor. And little by little things are progressing. Despite the reluctance of the Constitutional Council and international bodies, the country is following its roadmap and a new legislative framework is emerging for this purpose.
This is how the July 24 last, a text was voted unanimously in the National Assembly about the famous tokenization of the country’s natural resources, but also of its land. The law proposes that any foreign investor can easily obtain an online visa to set up a business in the blockchain. All of these structures will evolve on the platform Sango which is at the center of the system. THE communicated press highlights sectors such as agriculture, real estate or the exploitation of natural and forestry resources.
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…despite criticism and lack of practical implementations
The conclusion of the document is resolutely optimistic:
“The Presidency of the Republic considers that this innovative approach marks a decisive step in the path of the Central African nation towards sustainable economic growth and international financial preeminence. »
So much for the presidential announcements, still too positive, but also stuffed with newspeak with blockchain sauce and a somewhat outdated cult of the chef. Because in fact, some wise observers note that it does not happen concretely not much in the country and that beyond the announcement effects, the daily reality is still just as complicated for the inhabitants of the country. THE Sango Coinmeant to replace the Franc CFAstruggling to convince while Bitcoin remains rare in the countryside. But Rome wasn’t built in a day and even the salvadora model in this field, is still under heavy fire from critics while an economic upturn is taking shape.
Let’s give the president a little more time to show that his policy can succeed where decades of inaction have plunged and kept the 6 million inhabitants in the greatest poverty. It is easy to criticize and mock the Central African Republic, but the economic and financial policy of countries under the control of the CFA Franc already has the full extent of its failure. Bitcoin and cryptos may be the continent’s monetary emergency exit and Bangui could be the model to follow in a few years. Or not.
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