HomeCryptoIntroducing Sango Coin, the state-backed cryptocurrency of the Central African Republic

Introducing Sango Coin, the state-backed cryptocurrency of the Central African Republic

During an event called Sango Genesis Event, Faustin-Archange Touadéra, President of the Central African Republic (CAR) launched Sango Coin as a state crypto.

Central African Republic launches Sango Coin.

Sango Coin will be used to access the country’s services and raw materials

Four months ago the central state on the African continent made Bitcoin legal tender, and now during a special ad hoc event, the Sango Coin has been launched.

At the Sango Genesis Event, the President of the Central African Republic unveiled the new state crypto, which will be used as a gateway to access the country’s resources such as oil, diamonds, and copper. 

“Sango Coin will be the next generation currency for the Central African Republic. It will be the gateway to the CAR’s natural resources”.

The move follows along the lines of the foreign policy measure imposed by Putin on the rest of the world, and in particular Russia’s hostile states for oil purchases, and aims to increase the use of the token massively even outside state borders. 

As reported by Bitcoin Archive (@BTC_Archive), the president later went so far as to say:

“Digital gold will be the engine of our future civilization!”

The country’s plans also include the creation of an A to Z crypto island on the Oubangui River. 

The Central African state will also gradually adopt blockchain technology for the modernization and efficiency of state services, logistics, taxation, administration, etc. 

The event was also attended by the country’s finance minister, Hervé Ndoba, who explained how there is a correlation between the Sango Coin and Bitcoin. 

Just as there are tokens linked to fiat currencies (stablecoin) Sango Coin will be a state token linked to Bitcoin.

The collapse of the crypto market does not hold back its evolution and innovation

Despite the earthquake caused by the UST stablecoin, which resulted in billions of dollars in losses and a sharp decline in confidence on the part of all investors, new tokens continue to form and take hold, the offspring of ever-evolving technology. The latest news comes from Circle, which has launched EUROC, the new stablecoin pegged to the euro. 

The Sango Coin aims to become the currency of choice on the African continent and in anticipation of South Africa with the BRICS, the aim is to hegemonize the continent. 

In good grace with the haters, virtual currencies are regaining new vigor and seem to have already discounted the recession panic much heralded by the Fed and insiders. Monetary policies are under heavy scrutiny, but they do not seem to shake the attention of those who believe in the sector. 

The capitalization of the crypto market is returning to pre-crisis levels and with increasing interest despite the setbacks involving Celsius and the Terra ecosystem

George Michael Belardinelli
George Michael Belardinelli
A former corporate manager at Carifac Spa and later at Veneto Banca Scpa, blogger and Rhumière, over the years he has become passionate about philosophy and the opportunities that innovation and the media make available to us, in particular the metaverse and augmented reality