Central African Republic President Faustin-Archange Touadera launched the Sango Coin as the country’s national cryptocurrency in an even virtual show on Sunday.
In an event dubbed the “Sango Genesis Event,” the country’s president listed plans for using bitcoin and cryptocurrencies.
“Sango Coin will be the next generation cryptocurrency for the Central African Republic,” said President Touadera in his speech.
Herve Ndoba, the country’s finance minister, also appeared at the event and stated that the national crypto is backed by bitcoin. However, the exact nature of the bitcoin-backing for Sango Coin is unclear.
The Central African country became the first on the continent to recognize Bitcoin (BTC) as an official currency in April.
Apart from introducing Sango Coin, the Touadera administration said it wants to adopt blockchain technology to rebuild the country’s digital architecture.
The Central African Republic (CAR) government plans to use blockchain to digitize its land registry system.