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After the official adoption of Bitcoin, the Central African Republic launches a national digital currency called “Sango Coin”

After the official adoption of Bitcoin, the Central African Republic launches a national digital currency called “Sango Coin”

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Answer After the official adoption of Bitcoin, the Central African Republic launches a national digital currency called “Sango Coin”

The President of the Central African Republic launched the “Sango Coin” project as the country’s national cryptocurrency in a virtual event that was held broadcast it Yesterday Sunday.

Yesterday’s event was called “Sango Genesis,” as the head of state listed the plans and pros of using Bitcoin and cryptocurrencies in the country.

In his speech, the President of the Central African Republic stated:

Sango will be the next generation currency of the Central African Republic.

According to the president, Sango Coin will act as a gateway to the natural resources of the Central African Republic.

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The Central African Republic government previously announced plans to encrypt the country’s natural resources, including petroleum, diamonds and copper.

The country plans to use Sango Coin to create a crypto-based economy driven by private investment.

This digital economic hub also includes the creation of a “crypto island” on the Ubangi River.

Hervé Nduba, Minister of State for Finance, also appeared at the event and stated that the national cryptocurrency is backed by Bitcoin.

For now, it is unclear the exact nature of how Bitcoin will support Sango Coin.

The landlocked African country became the first country on the continent to recognize bitcoin as an official currency last April.

Regardless of introducing Sango Coin, the administration of the President of the Central African Republic says it wants to adopt blockchain technology to rejuvenate the country’s digital architecture.

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The Central African Republic government is also planning to use the blockchain to digitize its land registry system.

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