CAR Pushes on With Resource Tokenization Blockchain Plans

The Central African Republic (CAR) has not given up on utilizing blockchain technology and cryptocurrencies to boost its economy, despite facing setbacks in its initial attempts to launch an indigenous digital currency called Sango Coin.

Earlier efforts to establish Sango Coin as legal tender and tokenize assets like land were met with resistance. The public showed little interest in purchasing Sango Coin during its initial coin offering, with the government only managing to sell 8 million tokens out of 200 million made available. Additionally, CAR’s Constitutional Court ruled that parts of the Sango Coin ecosystem allowing citizens to buy land and citizenship were unconstitutional.

However, CAR’s government and President Faustin-Archange Touadera remain undeterred in their commitment to explore blockchain-based solutions for economic development. They have now passed legislation approving the tokenization of the nation’s vast natural resources, including diamonds, gold, uranium, and more.

The goal is to establish CAR as an attractive business destination by streamlining license applications, visa processes, and resource management using blockchain technology. The government hopes that by tokenizing land and commodities like diamonds, they can unlock new investment opportunities and wealth for the nation.

CAR has looked to the example set by El Salvador’s president, who has vigorously promoted Bitcoin adoption despite criticism. While Sango Coin itself gained little traction with the public initially, CAR’s leadership is persistent in their blockchain vision. They aim to build a tokenized economy on the Sango platform, with natural resource tokenization being a major piece.

However, significant challenges remain for CAR to gain buy-in from citizens and businesses. The lukewarm reception to Sango Coin thus far shows the difficulties of getting the public on board with new digital currencies and assets. But CAR is determined to position itself as a leader in leveraging blockchain in Africa, boost foreign investment, and empower the nation through tokenized natural resource management.

#Token #Blockchain #Cryptocurrency #Crypto

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