The Central African Republic (CAR) is furthering its Sango blockchain initiative by tokenizing its land and natural resources. Despite being one of the world’s poorest nations, CAR is at the forefront of cryptocurrency adoption and innovation.
A declaration on X (previously Twitter) confirmed that the CAR National Assembly endorsed a law on July 24 to tokenize land and natural resources. This law will also facilitate online business visa acquisitions, streamline business setup and licensing in sectors like real estate, agriculture, and natural resource exploitation. The legislation received unanimous approval.
This move comes a year after the Sango project’s introduction in May 2022, which included plans for a Crypto Island metaverse. While CAR became the first African country to recognize Bitcoin as a national currency in April 2022, it revoked this status in May of the following year. The nation also rolled out its cryptocurrency, the Sango, aiming to supersede the CFA franc. The Sango wasn’t designed as a central bank digital currency.
Despite challenges, including the Constitutional Court’s denial of the Sango-related citizenship scheme, the program, priced at $60,000 in Sango, remains accessible on the project’s website. CAR is also contemplating the incorporation of more cryptocurrencies.
The International Monetary Fund, a critic of CAR’s Bitcoin adoption, projects a GDP growth of 2.2% for the country this year.
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