ZoneBitcoin EditorialThe Central African Republic, chaired by President Faustin-Archange Touadéra, announced in 2022 that it wanted to make bitcoin legal tender in the country. However, the African financial authorities from which the country cannot fully detach itself have not approved this decision. However, the project took shape under the SangoCoin initiative, which then allows citizens and foreigners to participate in the development of the country.
The Sango project then appears as an original attempt on the continent regarding the tokenization of natural resources. With its objective of revolutionizing resource management and investment thanks to blockchain technology, the Sango project has just reached a major milestone which does not go unnoticed: the granting of 4 gold mining permits granted by the Ministry of Mines and Geology.
New operating permits granted
These operating permits represent significant progress for the Sango project. It is also an important step which marks the progress of a project which some people thought had been stopped. This decision marks a promising collaboration between the Central African government and the Sango project to exploit the economic and social potential of the country's natural resources.
The mining license means that an estimated 100+ tonnes of available gold will then be tokenized and available to users of the Sango platform.
Remember that the country has immense natural resources including gold, diamonds and even uranium which have not yet been fully exploited by the government. The Sango project then provides the possibility of financing these different operations, in order to support and propel the country's growth.
Resource tokenization offers multiple benefits, including transparency, security, and investment diversification. Sango token holders will have the opportunity to invest in valuable resources with increased visibility into transactions and asset properties. In addition, this initiative could help stimulate local economic development by promoting investment in sustainable and responsible projects.
Since its inception, Project Sango has demonstrated a commitment to its goal of revolutionizing the natural resources industry. However, administrative delays as well as a lack of communication may have created certain frustrations on the part of investors. This announcement therefore restores confidence and hope in the continuation and extension of the Sango project. This development also demonstrates the growing confidence of governments and economic actors in the potential of blockchain to transform traditional models of resource management.
With this new step taken in the Central African Republic, the Sango project strengthens its position as a leader in the field of resource tokenization. A first in Africa. However, this echoes what El Salvador is currently doing by creating “Volcano Bond” to take advantage of the country’s resources.
As the Sango project continues to expand and develop in the Central African Republic, it could generate new interest and enthusiasm globally. Investors, businesses and governments are closely watching this innovative initiative which could open up new opportunities for the country and even more so, inspire other countries to follow the same path.
Learn more about the Sango project on the official site.
