Faustin-Arcanz Toudera, the president of the Central African Republic, has launched his own cryptocurrency.
A brand-new crypto project.
In April 2022, CAR President Toudera made international headlines when he declared Bitcoin to be the legal tender of the nation. Toudera returns to the spotlight in July 2022, but this time it's because of his brand-new cryptocurrency project, "Sango Coin."
All About Sango.
The Sango project was started in May 2022, and whitepapers are yet to be released. But, President Toudera in July has created its purpose.
- Sango Coin would serve as the Central African Republic's official currency.T
- Sango Coin is a whole cryptocurrency rather than a CBDC.
- it will be a second layer based on the nation's bitcoin reserves.
Moreover Sango information is provided in English, not in Official French language, this means Sango is open for world market.
A Mixed Bag of Reactions
Since adopting bitcoin, Toudera had previously encountered opposition from the African Bank, the World Bank, and the IMF. Sango has recently received a range of reviews from critics. Some proponents of cryptocurrencies applaud Toudera's move to add another Bitcoin layer, but others question the rationale behind the Sango coin's issuance and call it a shitcoin and scam, recommending that it be shut down.
Thoughts
Right now, there is nothing so clear, because launching a project on Bitcoin reserve is not fully developed, CAR will become a testing field.
