Central African Republic launches national cryptocurrency called 'Sango Coin'

Quick Take

  • Sango Coin and bitcoin will exist as recognized cryptocurrencies in the Central African Republic.
  • The token will be used to modernize the country’s infrastructure and a planned metaverse project.

President Faustin-Archange Touadéra of the Central African Republic (CAR) launched Sango Coin as the country's national cryptocurrency in a virtual event broadcast on Sunday.

Dubbed the “Sango Genesis Event,” it saw the country’s president enumerate plans for bitcoin and crypto utilization.

“Sango Coin will be the next-generation currency for [the] Central African Republic,” President Touadéra stated in his address.

According to President Touadéra, Sango Coin will act as the “gateway to the natural resources of the Central African Republic.” CAR’s government previously announced plans to tokenize the country’s natural resources, including petroleum, diamonds and copper.