One of the poorest countries in the world, the Central African Republic became the second nation to adopt Bitcoin as legal tender under the leadership of President Faustin-Archange Touadéra. Now, the nation aims to take Bitcoin adoption a step further by tokenizing its natural resources.
The Central African Republic to tokenized minerals
The Central African Republic will tokenize its natural resources according to a statement revealed by the official handle of President Faustin-Archange Touadéra. “This vision and strategy will open unique opportunities for investors worldwide,” said the President via a Twitter post.
The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.
This #vision & strategy will open unique #opportunities for #investors #worldwide. #CAR #RCA pic.twitter.com/v7mzlsUeTw
— Faustin-Archange Touadéra (@FA_Touadera) June 2, 2022
According to the presidential news release, the government of the nation will offer investors access to tokenized mineral resources to crypto and blockchain projects that establish their presence in the Central African Republic. It seems that this is an attempt to boost the economy of one of the most underdeveloped nations in the world.
Project Sango
The Central African Republic recently revealed its Project Sango. Interestingly, the tokenization of natural resources will come under the same. The project was announced after the firm passed the law to become the first African nation to adopt bitcoin as a recognized form of currency and the second in the world after El Salvador.
Since then, the nation has expressed its intentions of building a “crypto hub” to attract crypto investors and increase crypto use in the country. The nation also wants to build a Digital Nation Bank, make Bitcoin land purchases more accessible, and develop a crypto wallet as well.
