{"id":13550,"date":"2022-08-13T11:20:00","date_gmt":"2022-08-13T11:20:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/central-african-republic-president-says-successful-launch-of-sango-coin-a-key-milestone-africa-bitcoin-news\/"},"modified":"2022-08-13T11:20:00","modified_gmt":"2022-08-13T11:20:00","slug":"central-african-republic-president-says-successful-launch-of-sango-coin-a-key-milestone-africa-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/central-african-republic-president-says-successful-launch-of-sango-coin-a-key-milestone-africa-bitcoin-news\/","title":{"rendered":"Central African Republic President Says Successful Launch of Sango Coin a Key Milestone \u2013 Africa Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to Central African Republic President Faustin-Archange Touad\u00e9ra, his country\u2019s launch of the \u201cSango coin\u201d currency, as well as the call for the creation of a common digital currency by the regional central bank, represent two key achievements for his country and all of Africa. President Touad\u00e9ra also said \u201cSango is the future of our country\u201d and that his government supports \u201cbitcoin and blockchain adoption at a national level.\u201d<\/strong><\/p>\n

\u2018Not an Easy Road\u2019<\/h2>\n

The Central African Republic\u2019s (CAR) president, Faustin-Archange Touad\u00e9ra, recently claimed that the launch<\/a> of the sango coin, as well as the call<\/a> for the issuance of a common digital currency by a regional central bank, are two critical milestones for his country and the continent.<\/p>\n

\"Central<\/p>\n

While admitting that his government knew the decision to launch the sango coin and declare bitcoin legal tender \u201cwould not be an easy road,\u201d the CAR leader insisted in his latest Twitter thread<\/a> that the coin sale \u201crepresents our country\u2019s opening to the world: attracting global talent, investment and resources.\u201d<\/p>\n

Indeed, following an announcement<\/a> that the 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)<\/a>. Nevertheless, the criticism did not stop Touad\u00e9ra\u2019s government from proceeding with the process to adopt bitcoin and the eventual launch of the sango coin.<\/p>\n

Explaining why his country has pressed ahead with the sango coin project, Touad\u00e9ra said:<\/p>\n

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Sango is not any regular 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 bitcoin and blockchain adoption at a national level.<\/p>\n<\/blockquote>\n

The CAR leader also seemingly attempted to assuage some of his followers\u2019 concerns who felt his government\u2019s decision to launch the sango coin was ill-advised<\/a>. In the thread, he insisted the sango coin is backed by bitcoin which he equates to \u201cdigital gold.\u201d<\/p>\n

Wealth Distribution via Tokenization<\/h2>\n

While noting that his country is endowed with natural resources like gold, iron, lithium and uranium, Touad\u00e9ra, however, said his government is \u201cnot looking to give away this wealth.\u201d Instead, the government\u2019s objective is to share this wealth equitably via \u201ctokenization.\u201d<\/p>\n

Just shortly after the announcement of the CAR\u2019s bitcoin adoption, some experts immediately cast doubt<\/a> on the Touad\u00e9ra administration\u2019s ability to make this a success. In a response seemingly aimed at these experts and other naysayers, Touad\u00e9ra spoke of the motivation behind his government\u2019s insistence on seeing this through.<\/p>\n

\u201cOur vision is ambitious. We are ambitious. Digital currencies are the solution for Africa. We want to build for the future. Establishing our own National Digital Currency on top of Bitcoin. Our connection with Bitcoin helps us enable worldwide financial inclusion,\u201d explained the CAR President.<\/p>\n

\"\"<\/p>\n

Touad\u00e9ra ends the thread by imploring his followers to support his country in building \u201ca better future for our nation, for Africa and for the world.\u201d<\/p>\n

Register your email here to get a weekly update on African news sent to your inbox:<\/em><\/p>\n

What are your thoughts on this story? Let us know what you think in the comments section below. <\/strong><\/em><\/p>\n

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\nTerence Zimwara <\/h6>\n

\nTerence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, sandis sveicers \/ Shutterstock.com<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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