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Beyond cryptocurrencies, blockchain technology brings many benefits. Central African Republic (CAR) takes a bold step. The new initiative, focusing on tokenizing assets beyond CBDC studies, is quite important. Since the issue of tokenized assets will occupy our agenda more in the future, it is necessary to follow the steps taken today.
Tokenized Assets in Central African Republic
The initiative announced by the Sango project team earlier this week is defined as a new financial era through blockchain technology. The legislative body of CAR approved the tokenization of land and natural resources, hoping to position the country as a preferred center in Africa.
The law also prepares the ground for simplified online business licenses and electronic visa applications for both local and international companies. According to the Sango team, once licenses are secured, businesses can operate smoothly on the Sango platform by taking advantage of the capabilities of blockchain.
Sango Project
The Sango project was launched last year with the idea of resource tokenization, aiming to enable investment in CAR through Sango Coin, a token given by the state supported by Bitcoin on a separate sidechain network without being a Central Bank Digital Currency (CBDC).
However, the CAR Constitutional Court decided that using the token to purchase land and citizenship was unconstitutional two months after the start of the token’s ICO. The local acceptance of the ICO was also not very impressive. Despite offering 200 million Sango Coins for sale at a price of $0.10 during the formation cycle, the government sent less than 8 million coins to citizens at that time.
In April 2022, the country made headlines by becoming the second country (after El Salvador) to accept Bitcoin as legal tender alongside the CFA Franc. However, this law was repealed about a year later. Nevertheless, President Faustin-Archange is known for his open support for cryptocurrency and appreciates the state president for pioneering the new law with Sango.
At the time of writing, the price of Bitcoin is $26,055, and the charisma of crypto-friendly leaders like El Salvador is largely diminished in the midst of a bear market.
