Central African Republic intends to tokenize natural resources to attract investors

Central African Republic intends to tokenize natural resources to attract investors

Central African Republic intends to tokenize natural resources to attract investors

Central African Republic (credit: google)

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  • The country’s president, Faustin-Archange Touadera, has announced a new project to tokenize the country’s resources.
  • Touadera noted in a tweet that the democratization and tokenization of the country’s resources have “tremendous possibilities.”
  • These include allowing foreign investors into the country.
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The Central African Republic (CAR), the world’s second country to make Bitcoin legal tender, intends to expand its use of blockchain technology. The country’s president, Faustin-Archange Touadera, has announced a new project to tokenize the country’s resources.

Touadera noted in a tweet that the democratisation and tokenization of the country’s resources have “tremendous possibilities.” These include allowing foreign investors into the country. An attached official statement signed by the Minister of State and cabinet chief of staff Obed Namsio read: “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.”

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According to the statement, the president asked the country’s parliament to develop a regulatory framework and policies to promote these investment opportunities.

Despite being a war-torn country with a predominantly impoverished population, the Central African Republic is recognised to be rich in natural resources such as timber and diamonds. Tokenization will essentially allow these real-world resources’ rights and advantages to be represented on-chain.

CAR initially hinted at tokenization aspirations last month when it introduced Project Sango. Sango is advertised as a “crypto island” and Africa’s first digital asset hub.

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Firms and investors in digital assets will not be obliged to pay corporation tax in this hub, and they will be provided citizenship by investment, digital ownership and identity, online company registration, and an e-residency programme.

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