Central African Republic (CAR) has launched its official cryptocurrency. The country’s president, Faustin-Archange Touadéra, made the announcement at an online event.

According to president Touadéra, the coin, which is dubbed Sango Coin, was launched to tokenizing the country’s resources, in the bid to boost investment opportunities in the Central African country. The tokenization of the country’s resources is billed to be implemented on petroleum, diamonds and copper. Central African Republic also plans to use Sango Coin to create a crypto-based economy driven by private investment, as well as creating “crypto island” on the Oubangui River.

Following the official declaration of CAR to adopt Bitcoin as a legal, the country has become the second country in the world, after El Salvador, to adopt the use of cryptocurrency for trade and exchange purposes.

Th cryptocurrency project was led by Toudera, and also backed by the Central African Republic’s National Assembly. The project, codenamed Project Sango, was planned to include the creation of Africa’s first cryptocurrency investment hub, as well as the launch of Sango Coin.

Speaking on the launch of Sango Coin, the president, Faustin-Archange Touadéra, said:

“Sango Coin will be the next-generation currency for the Central African Republic.” The Sango website says that it will “facilitate the tokenization of Central African Republic’s resources for worldwide investors”. Sango Coin will also act as the “gateway to the natural resources of the Central African Republic.”

The president also added that cryptocurrency will be used to fight the financial exclusion rampaging the country.

“The alternative to cash is cryptocurrency. For us, a formal economy is no longer an option.”

Speaking in the cost of account opening in the country, as well as the way cryptocurrency could help, Touadéra said that the project will significantly reduced the stress of going through account opening because it will enable citizens to access cryptocurrencies through their smartphones.

“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost,” Touadéra said.

Although, quite unclear about how, CAR’s minister of finance, Hervé Ndoba, said that Sango Coin is backed by Bitcoin.

Central African Republic’s move completely goes against warnings from international financial institutions like the International Monetary Fund (IMF), which advised countries against using cryptocurrency as legal tender. However, CAR seems to see a channel to financial inclusion, and economic growth, in the move.