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Central Africa launches Sango Coin amid transparency, worries about credibility

The authorities of the Central African Republic (CAR) have announced a new cryptocurrency project, dubbed Sango Coin, which President Faustin-Archange Touadéra has launched as the country’s national cryptocurrency during an online event, but hopes of a major boost to crypto adoption in Africa have been partially supplanted by concerns that the initiative could actually undermine trust. Continent’s growing sentiment towards cryptocurrencies.

“I always wanted to leave something precious as a legacy for future generations,” Touadéra said during the event. “My vision is to educate young people to adopt new technologies and cryptocurrency.

The president said an estimated 57% of Africa’s population does not have access to banking services, but modern technologies provide a solution to this challenge.

According to the politician, the cryptocurrency is “an alternative to liquid cash and the bureaucracy of banks,” adding that Sango Coin can be used to facilitate transactions. cross-border purchases and investments across Africa.

Sango Coin’s creators claim that the project’s features include an e-residency and citizenship program, CAR national natural resource tokenization, and a metaverse that they say is the only “supported” by reality” – that is, this metaverse will be supported by the natural resources of the country.

In its analysis of the country’s economic and political situation, the World Bank calls it “one of the poorest and most fragile countries in the world” despite its abundant natural resources. The bank has also expressed pessimism about the lack of transparency inherent to the CAR economy.

At the same time, it continues to provide financial support to the nation, and this past May, it approved a $35 million project to implement digital governance in the country’s public sector.

Meanwhile, on YouTube, in the comments section under the Sango event video, some commentators expressed doubts despite the event’s upbeat tone. For example, user Dave Mcllroy wrote that CAR “[g] unfortunately had to be learned the hard way. Sh*tcoin centralized, will go bankrupt within 18 months. If CAR simply invested in Bitcoin and kept it up, they would have changed the destiny of their country while opening up new economies of EMs.”

Speaking of which, the Central African Republic caused quite a stir earlier this year after it was reported that it accepted bitcoin (BTC) “as a legal tender”.