Central African Republic tokenizes its natural resources to attract investors – Bits Media

Central African Republic (CAR) intends to tokenize its natural resources to attract foreign investment and deeper use of blockchain.

In April, the Central African Republic became the second country in the world after El Salvador and the first African country, recognized Bitcoin as legal tender. Now the country plans to go deeper into the use of blockchain. President of the CAR Fosten-Archangel Touadera (Faustin-Archange Touadera) introduced a new initiative to democratize and tokenize the country's resources, which abounds in diamonds and wood.

The country's natural resources will be presented in the form of digital assets, which foreign investors can access, stated the president. He has already instructed Parliament to develop a regulatory framework and strategies to create these investment opportunities.

The CAR government first “hinted” about asset tokenization last month, presenting the state cryptocurrency project Sango. This initiative aims to, for the CAR to become a center for the development of digital assets in Africa. From companies, working with crypto actures, and investors will not be required to pay corporate tax. They also have an electronic residency program and citizenship by investment..

In May, the Bank of Central African States (BEAC) stated, that it is better for the CAR government to focus on solving other numerous problems. The regulator opposed the legalization of Bitcoin in the country, which could become a serious competitor to the Central African franc and disrupt the financial stability of other countries, using this currency. The International Monetary Fund shares the same opinion. (IMF).