According to Central African President Faustin-Archange Touadéra, his country’s launch of the “Sango coin” currency, as well as the call for the creation of a common digital currency by the regional central bank, represent two major achievements for his country and all from Africa. President Touadéra also said that “Sango is the future of our country” and that his government supports “the adoption of bitcoin and blockchain at the national level”.
“Not an easy road”
The President of the Central African Republic (CAR), Faustin-Archange Touadéra, recently claimed that the launch of the Sango coin, as well as the call for the issuance of a common digital currency by a regional central bank, are two steps crucial for his country. and the mainland.
While admitting that his government knew that the decision to launch the Sango coin and declare bitcoin legal tender “would not be an easy path,” the CAR chief insisted in his latest Twitter. thread that the sale of coins “represents our country’s openness to the world: attracting talent, investment and resources from around the world”.
Indeed, following the announcement that CAR had become the second country to declare bitcoin legal tender after El Salvador, the decision was criticized by the Bank of Central African States (BCAS) and the International Monetary Fund. (IMF). Nevertheless, the criticisms did not stop the government of Touadéra from continuing the process of bitcoin adoption and the eventual launch of the Sango coin.
Explaining why his country pursued the Sango coin project, Touadera said:
Sango is no ordinary cryptocurrency, it is the first attempt to have a sovereign national digital currency. Sango is the future of our country. Our vision. Our past. Our future.
We support national bitcoin and blockchain adoption.
The CAR leader also apparently tried to assuage some of the concerns of his supporters who felt that his government’s decision to launch the Sango coin was misguided. In the thread, he insisted that the Sango coin is backed by bitcoin which he equates to “digital gold.”
Distribution of wealth via tokenization
While noting that his country is endowed with natural resources like gold, iron, lithium and uranium, Touadéra however said his government “is not looking to give away this wealth”. Instead, the government’s goal is to share this wealth fairly via “tokenization.”
Shortly after the CAR adoption of bitcoin was announced, some pundits immediately questioned the ability of the Touadera administration to make it a success. In a response seemingly aimed at these pundits and other opponents, Touadéra spoke about the motivation behind his government’s insistence on going all the way.
“Our vision is ambitious. We are ambitious. Digital currencies are the solution for Africa. We want to build for the future. Establish our own national digital currency in addition to Bitcoin. Our connection with Bitcoin helps us enable financial inclusion around the world,” explained the CAR Chairman.
Touadera ends the thread by imploring his followers to support his country in building “a better future for our nation, for Africa and for the world”.
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