Central African Republic Expands Sango Project to Tokenize Land and Resources
In a recent announcement on X (formerly known as Twitter), the CAR National Assembly revealed that a law was passed on July 24 to enable the tokenization of land and natural resources.
By Anna B Kiwanuka
The Central African Republic (CAR) has taken a significant step in its Sango blockchain initiative by extending it to include the tokenization of land and natural resources. Despite being one of the world’s poorest nations, the CAR has embraced cryptocurrencies and stands as one of the most actively innovative countries in the crypto space.
In a recent announcement on X (formerly known as Twitter), the CAR National Assembly revealed that a law was passed on July 24 to enable the tokenization of land and natural resources. This new legislation brings forth various provisions, including the facilitation of online business visas and the streamlined setup of businesses for both citizens and foreigners. The sectors benefiting from this law cover real estate, agriculture, natural resource exploitation, and forestry. The statement highlighted that the law was unanimously approved.
The CAR’s interest in tokenizing its natural resources dates back to the previous year, closely following the launch of the Sango project in May 2022. Notably, the Sango project also introduced the concept of its Crypto Island metaverse.
While the CAR’s drive toward crypto adoption is commendable, it hasn’t been without its challenges. The nation was the first in Africa and the second globally to adopt Bitcoin as a national currency in April 2022. However, this status was reportedly revoked in May of the same year. In addition to adopting Bitcoin, the CAR introduced its own cryptocurrency, the Sango, with the aim of replacing the CFA (Financial Community of Africa) franc. Importantly, the Sango was not intended to function as a central bank digital currency.
The launch of the Sango cryptocurrency faced hurdles, including the Constitutional Court’s rejection of the Sango-linked citizenship program. Nevertheless, the citizenship program, which requires a fee of $60,000 in Sango, remains available on the Sango project website. The nation is also exploring the potential introduction of other cryptocurrencies.
Despite opposition from the International Monetary Fund over its adoption of Bitcoin, the CAR projects a 2.2% growth in gross domestic product for this year. The country’s commitment to blockchain innovation and crypto adoption positions it as a notable player in the evolving global financial landscape.