The Central African Republic (CAR) was in the news last year for accepting bitcoin as legal tender. This seemed like a logical choice at first, but this changed when the president announced the Sango Project. What this entails and why it would be a bad thing, you can read in this article.
The Sango coin
The president of CAR, Faustin-Archange Touadéra, made this announcement at the ‘Sango Genesis Event’, where the president also announced a coin of his own. This Sango coin is an altcoin that doesn’t seem to have much use, as this coin is already difficult to google. What is it used for?
The Sango project seems to be a hodgepodge of “making the quick money” and bad ideas. The country recently adopted bitcoin as legal tender, so why do you need another currency?
The president knows; the Sango project is a metaverse project of a true ‘crypto island’. Here you would then be able to pay with that currency.
Sango metaverse and tokenization of commodities
It was self-described as the “Sango crypto hub initiative”, but the goal is as vague as it gets: everything, everywhere, all at once.
The president promises that this project would be “the only metaverse backed by reality.” It will be both a metaverse project and a real place. But what are the residents of CAR – of which only about 4-10% have access to the Internet – supposed to do with this project?
Sango so far raises more questions than answers, and the country’s president, in addition to clear crypto legislation – as far as that is still possible with so many ideas – also wants to try tokenize (make coins out of products) commodities.
After all, CAR is full of commodities like iron, copper, coltan, lithium, cobalt, and other raw materials. Hence, Touadéra thinks it makes sense to put these commodities on the blockchain via tokens.
Why?
So all these ideas are part of the Sango project, but why does the country want this? Bitcoin is already a legal tender there. It seems like they are at the beginning of a blockchain addiction after being in the spotlight so much. After all, why do you need these projects in one of the poorest countries in the world?
“With Bitcoin as legal tender & inspiration, our country opens a new chapter in its inspiring journey to a brighter future through blockchain tech,” tweeted President Faustin-Archange Touadéra.
“Gold was the engine of our civilization for centuries! In this new era, digital gold will do the same for the future! Sango Project is the foundation we will build on, together as one!”
Can this succeed?
Perhaps CAR and its president have a very good reason for launching this Sango project. In that case, the writer of this article should just do better research.
Maybe some NFT and metaverse fanatics will boost the country’s tourism, but that seems unlikely. After all, it will be at STRONGLY DISCOMMENDED to travel to the country because of “violent crime.”
If it does turn out to be a successful project, the writer will come back to this and update you on the latest – in that case positive – news.
