Central African Republic Plan To Tokenize Land And Natural Resources
The Central African Republic has rolled out plans to tokenize its land and natural assets as the country seeks more adoption around its blockchain projects.
According to the announcement on X (Twitter), the country will expand the utility of its Sango blockchain project to include citizenship acquisition, land ownership, and diverse investment.
Being under innovation for a year after the country launched the Sango project, it called for the creation of a crypto island in the metaverse. Central African Republic is one of the most crypto-friendly countries as it was the second country to legalize Bitcoin (BTC) after El Salvador.
Although the law has been reversed, new developments point to the determination of its leader to push the cause of digital assets as it seeks to diversify its economy.
The country’s legislature passed the law in a unanimous vote to expand the reach of their blockchain project described as a “new era of financial empowerment through blockchain technology."
The law would make investors delve into the economy creating a platform for citizens and foreigners to obtain licenses for agriculture, commerce, land, and resource exploitation.
Per the statement, once individuals and businesses acquire licenses, they can “seamlessly operate on the Sango platform, leveraging the capabilities of blockchain,”
The plan included a visa application for foreigners in its citizenship program. The entire program will cost applicants Sango worth $60,000. Part of its plans is to adopt other cryptocurrencies to create a Web3 hub in the continent.
Although the courts in the Central African Republic have previously ruled against the tokenization of land and other assets, the recent moves by the government aim to drive adoption as
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