For a year now, the Central African Republic (CAR) has been actively working on asset tokenization as part of its bold Sango blockchain initiative, which also encompasses investor citizenship and a virtual island in the metaverse. The CAR, despite being economically challenged, is a front-runner in embracing crypto technology.
On July 24, the CAR’s legislative body enacted a law focused on the tokenization of land and natural resources, as revealed in an announcement on X, previously known as Twitter. This legislation will streamline the process for obtaining business visas online and facilitate both citizens and foreign nationals in setting up businesses with less hassle in sectors like real estate, agriculture, natural resource management, and forestry. The law received unanimous support in the National Assembly.
The CAR initially signaled its interest in tokenizing its natural resources last year, shortly after initiating Project Sango in May 2022. Among its other features, this project aims to establish a Crypto Island in the metaverse. Although the CAR has faced numerous hurdles in its quest to be a crypto pioneer, it was the first African nation and the second globally to adopt Bitcoin as a national currency in April 2022, although this decision was later reversed in May of the same year. The country also launched its own cryptocurrency called Sango, aimed at replacing the CFA franc, although it is not a central bank digital currency.
Despite facing challenges such as the Constitutional Court’s dismissal of its citizenship program linked to Sango—which, however, remains available for purchase at $60,000 on its official website—the country is also contemplating the inclusion of additional cryptocurrencies.
The International Monetary Fund, a critic of CAR’s Bitcoin adoption, predicts a modest 2.2% GDP growth for the country this year.