The government of the Central African Republic has selected the tokenization of natural resources as the next phase in its digitization initiatives. In April, the landlocked African country became the first on the continent to recognize Bitcoin as legal tender.
According to a statement made on Thursday, the Central African Republic (CAR) has disclosed the next phase in its Bitcoin adoption path, with the intention of tokenizing access to its natural resources.
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
Obed Namsio, Minister of State and Cabinet Chief of Staff signed the statement:
“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”
The CAR government will provide tokenized access to mineral resources to crypto and digital asset projects that establish a presence in the country, according to a presidential news release. Project Sango will be in charge of the natural resource tokenization push.
After approving a law recognizing bitcoin as legal tender the previous month, the government unveiled Project Sango in May. CAR is the first African country to recognize Bitcoin as legal tender, and the world’s second after El Salvador.
CAR has various mineral resources, including diamonds, copper, and rhodium, in addition to petroleum. Gold, limestone, cobalt, and manganese are some of the country’s natural resources.
Despite its enormous natural resources, the landlocked African nation remains one of the world’s least developed countries. The tokenization of these “massive natural assets” represents a means for President Faustin Archange Touadera to create new investment prospects in the country.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
