CAR Launches Crypto Island, Tokenizes Land and Natural Resources22. August 2023
• The Central African Republic (CAR) has extended its Sango blockchain project to tokenization of its land and natural resources.
• The country had announced its intentions to tokenize its natural resources last year with the launch of the Sango project in May 2022.
• This law will make it possible to obtain business visas online and allow citizens and foreigners to set up businesses easily and obtain licensing in real estate, agriculture, natural resource exploitation and forestry.
Central African Republic Taps into Blockchain for Tokenization
The Central African Republic (CAR) has begun tapping into the power of blockchain technology through a project called Sango, which aims to tokenize land and natural resources. The ambitious initiative, which began last year, also includes investor citizenship and an island in the metaverse.
Sango Project Launched in 2021
In May 2021, the CAR officially launched their Sango project with the intention of tokenizing natural resources such as land and water rights. It was also hoped that this would allow citizens both within the country and abroad to easily obtain business visas online along with licensing for activities related to real estate, agriculture, natural resource exploitation and forestry. On July 24th 2020, a law was passed unanimously by the CAR National Assembly that enabled these plans to come into fruition.
Bitcoin Adoption Repealed
The CAR had become one of the first countries in Africa – second globally – to adopt Bitcoin as a national currency back in April 2022 but this status was repealed shortly afterwards in May of this same year. In response, the CAR created their own cryptocurrency known as ‘Sango’ which is intended as an alternative payment system instead of being linked directly with central banking systems like other digital currencies such as CBDCs (central bank digital currencies).
Crypto Island Metaverse
In addition to creating their own cryptocurrency, part of the Sango project is also for them to create a Crypto Island metaverse where people can access financial services more conveniently than ever before by using blockchain technology.
Benefits for Investors Across All Sectors
The implementation of blockchain technology through projects like Sango means that investors across all industries are likely to benefit from improved security measures when it comes to trading assets or conducting transactions while enjoying increased transparency due simultaneously reducing costs associated with traditional banking procedures such as international payments processing fees or lengthy paperwork requirements.