Central African Republic's president says cryptocurrency is solution for financial exclusion

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Central African Republic's president says cryptocurrency is solution for financial exclusion

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

The country hosted a launch event for the initiative Sango after it became the first African state to make bitcoin legal tender in April. 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 was backed by the Central African Republic's National Assembly and spearheaded by Touadera, who said the token would give access to the country's mountain of natural resources, including gold and diamonds.

Sango Coin will be the currency of the new generation of the Central African Republic, as stated by the country's website https: sango.org says it will facilitate the tokenization of Central African Republic's resources for worldwide investors.

The price of cryptocurrencies has fallen over 58% in the past three months, according to Refinitiv data.