Central African Republic President: Crypto is key to financial inclusion




  • In US
  • 2022-07-03 19:20:07Z
  • By Reuters
 

By Rachel Savage

LONDON (Reuters) - Cryptocurrencies are the solution to tackling financial exclusion in the Central African Republic, its President Faustin-Archange Touadera said on Sunday, citing the cost of opening bank accounts.

"The alternative to cash is cryptocurrency," Touadera said at a launch event for crypto initiative Sango hosted by the country, after it became the first African state to make bitcoin legal tender in April. "For us, the formal economy is no longer an option."

The move to adopt cryptocurrencies in a country where internet use is low and electricity unreliable has raised eyebrows among crypto experts, puzzled lawmakers and residents, and drawn words of caution from the International Monetary Fund.

The Sango project, including a "Sango Coin", was backed by the Central African Republic's National Assembly and spearheaded by Touadera, who said the token would provide access to the country's "mountain" of natural resources, including gold and diamonds.

The country's "Sango" website https://sango.org/initiative says that it will "facilitate the tokenization of Central African Republic's resources for worldwide investors".

"Sango Coin will be the currency of the new generation of the Central African Republic," Touadera said, without providing specifics.

The Central African Republic's enthusiasm for cryptocurrencies does not seem to have been dented by recent losses in their values, with the price of bitcoin falling over 58% in the past three months, according to Refinitiv data.

(Reporting by Rachel Savage; Editing by Alexandra Hudson and Jan Harvey)

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • 办公室装修
    (2022-07-04 10:31:22Z)

    ADD更对客户提供了完善的一体化服务;从项目选址咨询、空间设计规划、工程实施与管理,乃至于项目竣工后的修缮维护等,透过高效的管控与协调能力,将项目所关连的多种复杂环节予以整合,有效提升了整体工作效率与品质,同时更为客户降低了成本。我们对设计永远热情,对完美永远坚持,对趋势始终掌握。

    REPLY
  • Outdoor Home Security Cameras
    (2022-07-04 10:33:29Z)

    With the popularity of the Internet and the improvement of home safety awareness, more and more people have started to consider installing security cameras. For individual households, by installing security cameras on their front door, they could easily check the visitors whether day or night. For houses with front or backyards, security cameras could help to prevent unwanted guests (thieves, burglars). As for shops on the street, the security cameras could watch over the stores and the parking spots outside.

    REPLY
  • portable air conditioner wifia
    (2022-07-04 13:47:41Z)

    Suppose you intend to cool yourself down this summer and Autumn and are considering the benefits of a mobile ac unit. In that case, however, you are searching for portable air conditioner wifi buying suggestions and portable ac system reviews before you buy. After that, you have landed in the appropriate area. This short post will expose a truly odd reality that might surprise you and save you thousands of dollars that you can have wasted on buying a mobile ac system, particularly a tiny portable air conditioner or an affordable mobile AC. So check out attentively.

    REPLY
  • customized products
    (2022-07-06 01:07:13Z)

    99diy is a Personalized print-on-demand & Dropshipping supplier. We help entrepreneurs, artists, small business owners, and influencers sell personalized products more easily by printing and drop-shipping them straight to their customers. Customize anything: Jewelry, Necklaces, Charms, Bracelets, Rings, Earrings, Contact Lens, t-shirts, shoes, leggings, bags, mugs, pet supplies, home decor, wall art, accessories, and personalized gifts.You sell it, we handle the rest.

    REPLY
  • Portable Air Conditioner
    (2022-08-06 05:45:41Z)

    Portable air conditioners are a lot less economical than comparable window units and price roughly twice as much. Anything you're purchasing is the flexibility to roll it from one particular home to another or into a closet for simple storage.

    REPLY
  • Portable Air Conditioner
    (2022-08-06 11:23:39Z)

    Portable air conditioners are a lot less economical than comparable window units and price roughly twice as much. Anything you're purchasing is the flexibility to roll it from one particular home to another or into a closet for simple storage.

    REPLY

Top News: US