The Central African Republic’s Government has agreed to natural resource tokenization as the next step in its digitization efforts. The landlocked African country was the first on the continent to accept Bitcoin as legal cash in April. The Central African Republic (CAR) announced the next step in its Bitcoin adoption journey on Thursday, with the goal of tokenizing access to the country’s natural resources.
Obed Namsio, Minister of State and Cabinet Chief of Staff also added saying;
“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.”
According to the news release, the CAR Government will grant tokenized access to mineral resources to crypto and digital asset enterprises that establish a presence in the country.
The Government introduced Project Sango in May after passing a law recognizing bitcoin as legal tender the previous month. The natural resource tokenization will now be handled on Project Sango.
In addition to petroleum, CAR has a variety of mineral resources, including diamonds, copper, and rhodium. Some of the country’s natural resources include gold, limestone, cobalt, and manganese.
Despite its vast natural resources, the landlocked African country is nonetheless among the world’s least developed. President Faustin Archange Touadera hopes to establish new investment opportunities in the country by tokenizing these “huge natural assets.”