Central African Republic launches cryptocurrency Sango

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Central African Republic launches cryptocurrency Sango

The cost of opening bank accounts is cited as a solution to financial exclusion in the Central African Republic, according to President Faustin-Archange Touadera.

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

The Sango coin, including a Sango coin, was backed by the Central African Republic's National Assembly and 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 price of cryptocurrencies has fallen over 58% in the past three months, and the Central African Republic's enthusiasm for cryptocurrencies seems to have been hampered by recent losses in their values, according to Refinitiv data.