Despite the lukewarm response to Sango Coin, the nation’s indigenous digital currency, the Central African Republic (CAR) has laid the groundwork for tokenizing its natural resources.

The initiative, unveiled by the Sango project team earlier this week, ushers in what they herald as a “new era of financial empowerment through blockchain technology.” The CAR’s legislative body has granted approval for the tokenization of land and natural resources, hoping to position the nation as a preferred business destination in Africa.

The law also sets the stage for streamlined online business license and electronic visa applications for both domestic and international companies. Once licenses are secured, enterprises can “seamlessly operate on the Sango platform, leveraging the capabilities of blockchain,” according to the Sango team.

The Sango project launched last year with resource tokenization in mind, and is meant to enable investment in CAR through Sango Coin, a state-issued token backed by Bitcoin on a separate sidechain network that is not a Central Bank Digital Currency (CBDC).

However, CAR’s Constitutional Court ruled that purchasing land and citizenship using the token was unconstitutional two months after the token’s ICO began.

The ICO’s native reception wasn’t very impressive, either. Despite offering 200 million Sango Coin for sale at a price of $0.10 during its genesis cycle, the go

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Author: Andrew Throuvalas

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