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The Central African Republic has officially launched a national-backed cryptocurrency initiative to increase the opportunities to build the digital assets industry in the country. The project, called Sango, aims to create more of a space for cryptocurrencies and digital assets to expand in the country and attract businesses to the country to operate from.
Bitcoin and crypto-friendliness is a big part of the Central African Republic, with the country officially adopting Bitcoin as part of its legal currency earlier this year. The launch of the Sango project is designed to foster more of culture in the business sector geared towards the digital assets industry. It will also go hand-in-hand with the country’s Metaverse platform, with Sango Coin being one of the platform’s assets.
President Faustin-Archange Touadéra spoke about the launch of the initiative, saying that the project is hoping to introduce a cryptocurrency and integrated capital market that can be used to encourage commerce in the industry and implement a way to build and sustainably grow. He also highlighted the need and importance of financial inclusion for citizens. With a mobile-friendly country, many citizens have access to digital money, while banking opportunities are less accessible. Using a cryptocurrency, many citizens will be able to take part in the economy, rather than struggle to work with the underuse banking systems in the country. He noted:
“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost.”
He also noted that he sees cryptocurrency and “digital gold” as the future of money, in the same way that gold was once used for economics:
Gold served as the engine of our civilization for ages! In this new age, digital gold will serve the same for the future! @SangoProject is the foundation that we will build on, together as one! Our President is speaking at the #Sango Genesis Event, at 7PM: https://t.co/pdfamwRkz2
— Faustin-Archange Touadéra (@FA_Touadera) July 3, 2022
While Sango’s intention is to encourage financial inclusion through an asset that is easy to access for citizens, the World Bank stated that there are concerns regarding the financial inclusion from a global point of view, as well as the the possible implications that the digital currency will have on the environment.
“We have concerns regarding transparency as well as the potential implications for financial inclusion, the financial sector and public finance at large, in addition to environmental shortcomings.”