President of the Central African Republic: Crypto is the key to financial inclusion


 The cryptocurrency representation in this illustration was taken on January 24, 2022. REUTERS/Dado Ruvic/Illustration.


LONDON, July 3 (Reuters) - Central African Republic President Faustin-Archange Touadera said on Sunday that cryptocurrencies are a solution to financial exclusion, citing the cost of opening a bank account.


“The alternative to cash is cryptocurrencies,” Touadera said at the launch of Sango, a crypto initiative hosted by the country, after becoming the first African country to adopt bitcoin as legal tender in April. \"For us, the formal economy is no longer an option.\" Keep reading.


The move to adopt cryptocurrencies in countries with low internet usage and unreliable electricity supplies has drawn attention from crypto experts, confused lawmakers and residents, and a warning from the International Monetary Fund.


The Sango project, including a \"Sango coin,\" is backed by the Central African Republic's National Assembly and led by Touadera, who said the coin would provide access to the \"mountains\" of the country's natural resources, including gold and diamonds.


The country’s Sango website says it will “facilitate the tokenization of Central African Republic resources for global investors.”


“Sango Coin will be the next-generation currency of the Central African Republic,” Touadera said, without giving details.


Enthusiasm for cryptocurrencies in the Central African Republic does not appear to have been dampened by the recent drop in value, with bitcoin’s price falling more than 58% in the past three months, according to Refinitiv data.


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Reuters

Central African Republic President: Crypto is the key to financial inclusion


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