After launching the Sango coin to complement the country’s recent move to adopt Bitcoin (BTC) as legal tender, The Central African Republic (CAR) has planned to leverage Bitcoin as a reserve asset. This is part of the country’s efforts to embrace cryptocurrencies and blockchain technology as tools to bolster the debilitated economy.
According to data from the trading view, Bitcoin currently trades above $21,000.
CAR’s decision to deploy crypto’s top coin as part of its national reserves comes from a policy geared towards legalizing BTC in the country.
The idea of legalizing BTC was devised by two politicians, Minister of Digital Economy, Gourna Zacko, and Minister of Finance, Calixte Nganongo, and received support from the national legislature. The bill received a unanimous vote in the Senate and received the endorsement of officials.
The CAR has recently introduced the Sango project, a blockchain-based platform that supports the country’s adoption of cryptocurrencies. According to reports, Sango is a Liquid Network-inspired Bitcoin sidechain.
It is important to note that the nation became the first country in Africa to approve Bitcoin as legal tender back in April.