C.africa’s President says ‘cryptocurrencies’ solution to financial exclusion

The President of the Central African Republic, Faustin-Archange Touadera, said on Sunday thatcryptocurrencies are the solution to financial exclusion in the Central African Republic.

After it became the first African state to make a legal tender in April, the country hosted a launch event for the Sango initiative, the alternative to cash is the criptocurrency, according to Touadera. The formal economy is no longer an option for us. The move to adopt cryptocurrencies in a country where internet use is low and electricity unreliable has raised eyebrows among experts, puzzled lawmakers and residents, and has drawn words of caution from the International Monetary Fund.

The Sango coin, which was backed by the Central African Republic's National Assembly, was spearheaded by Touadera, who said it would give access to the country's mountain of natural resources, including gold and diamonds.

The country's Sango website says 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, according to Touadera.

The Central African Republic's enthusiasm for cryptocurrencies seems to have fallen over 58% in the past three months, according to Refinitiv data.