Bangui wants to be a continental model. Despite national and international criticism, the presidency of the Central African Republic persists in the tokenization of its economy. The only African country to have declared Bitcoin as legal tender, before discreetly reversing this decision, the Central African Republic (CAR) is banking on the blockchain in an attempt to get the country out of its economic rut. Minerals, hydroelectric power, oil, real estate, precious woods or agricultural production, everything could be tokenized and sold on blockchain, and the presidency wants to attract investors from all over the world with the help of an adapted and innovative legislative framework. Immediate boarding for one of the world’s poorest countries, but one that has no intention of staying that way.
The President of the Central African Republic accelerates his tokenization policy…
For more than a year, the government’s plans have raised questions in the international community, unaccustomed to seeing this small country ofAfrica make the headlines for anything other than coups d’état or armed conflicts in the region. Yet President Faustin-Archange Touadera has set up an ambitious economic development policy in Bangui, with blockchain at the heart of the reactor. And little by little, things are moving forward. Despite the reluctance of the Constitutional Council and international bodies, the country is following its roadmap and a new legislative framework is taking shape.
This is how the July 24th a text was unanimously voted in the French National Assembly concerning the famous tokenization of the country’s natural resources, but also of its land. The law proposes that any foreign investor can easily obtain a visa online to set up a business in the blockchain. All these structures will evolve on the Sango which is at the heart of the system. The press release press release highlights sectors such as agriculture, real estate, natural resources and forestry.
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…despite criticism and lack of practical implementation
The paper’s conclusion is resolutely optimistic:
« The Presidency of the Republic considers that this innovative approach marks a decisive step in the Central African nation’s journey towards sustainable economic growth and international financial pre-eminence. »
So much for presidential announcements, as always positive, but also full of blockchain-style novlangue and a slightly outdated cult of the chief. In fact, some astute observers note that there’s nothing going on… concretely not much is happening in the country, and that beyond the announcement effects, the day-to-day reality is as complicated as ever for the country’s inhabitants. Visit Sango Coinintended to replace the CFA Francis hard to convince Bitcoin remains rare in the countryside. But Rome wasn’t built in a day, and even the Salvadora model in this field, is still under heavy fire, despite an emerging economic upturn.
Let’s give the president a little more time to show that his policies can succeed where decades of inaction have plunged and kept the country’s 6 million inhabitants in abject poverty. It’s easy to criticize and mock the Central African Republic, but the economic and financial policies of the countries under the thumb of the CFA franc have already shown the full extent of their failure. Bitcoin and cryptos may well be the continent’s monetary escape route and Bangui could be the model to follow in a few years’ time. Or not.
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