The Central African Republic has set in motion its government-backed cryptocurrency hub called Sango – named after one of the nation’s official languages.
Head of state Faustin Archange Touadéra launched the hub on Sunday in a live announcement on social media platforms..
The fresh move follows the country’s adoption of Bitcoin as legal tender in May, only the second nation after El Salvador, to adopt Bitcoin as legal tender.
“Sango means the language of money and wealth. Cryptocurrency helps the poor gain control over their investment,” President Touadéra said.
He equated the project to “digital gold”:
The particulars are still not clear, but the project is set to help people invest in the country’s significant mining resources among other things, according to Mining Minister Rufin Benam Beltoungou.
Still, there are a string of concerns surrounding the adoption of cryptocurrency in the country, particularly after the collapse of Bitcoin by more than 20% last month.
Currently, a whopping 90% of the Central African population lacks access to the internet, although the nation has signed an agreement with neighbouring Cameroon to share its fibre optic network in 2023.
The government estimates the Central Africa Republic’s natural resources to be worth over $3 trillion.
However, the country has been torn apart by a succession of civil wars for nearly a decade and is one of the poorest in the world.
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