The president announced this week a new plan for the tokenization of the Central African Republic’s “massive geological treasures.”
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- After adopting Bitcoin, the Central African Republic is looking to tokenize the process by which real-world assets are turned into something of digital value called a token, often subsequently able to offer ownership of parts of this asset to different owners. its minerals.
- The African nation is known for its vast endowment of mineral resources such as copper, diamonds and gold.
- There are no details about the plan, but it will be framed within the project. Sango Project.
The government of the Central African Republic has previewed what the next steps will be for the country as it moves towards the adoption of cryptocurrencies.
After having officially recognized Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. as legal tender two months ago, the African nation now plans to tokenize some of its mineral resources with the goal of democratization. The nation’s president, Faustin-Archange Touadéra, shared on Thursday a tweet with a communiqué addressing this project.
The next step for us, CAR, is the democratization and tokenization of resources, a new chapter with enormous possibilities. This vision and strategy will open up unique opportunities for investors around the world.
The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.
This #vision & strategy will open unique #opportunities for#investors #worldwide . #CAR #RCA pic.twitter.com/v7mzlsUeTw
– Faustin-Archange Touadéra (@FA_Touadera) June 2, 2022
Tokenizing diamonds, copper, gold
The presidential press release said the CAR government will offer tokenized access to mineral resources to cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. projects and digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets that establish a presence in the country, as it gatheredThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.. It also issues an order for the government to prepare a strategy “. to advance the vision of creating new investment opportunities for the Central African economy “.
According to The Blockthe tokenization strategy natural resource management will be under the auspices of the Sango Project announced last month . As reported by DiarioBitcoin In May, the Central African government published the project, the aim of which was to create a cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. center . According to the plan, the aim is to attract global investors through certain benefits, including income or corporate tax exemption for crypto enthusiasts and entrepreneurs.
The Central African Republic, which is the second country in the world to recognize the Bitcoin as the official currency, has other mineral deposits, including diamonds, copper and rhodium. The country’s natural resources also include gold, limestone, cobalt and manganese, among others. However, despite its abundant natural resources, it is one of the least developed nations in the world.
While details of the project are not yet available, Touadéra expressed optimism that tokenization of the “ massive geological treasures “will provide a new avenue for the creation of new investment opportunities for the country.
It is worth noting that the term tokenization refers to the process of converting something of value into a digital token based on a blockchain. In this case, physical minerals such as gold would be represented in a Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. in the form of a token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. which can be fungible in cryptocurrency, fungibility is when a coin or token can be replaced by any other identical coin or token. or non-fungible (NFT).
- JPMorgan Bank used Blockchain technology to tokenize stocks and securities
- World Bank rejects Bitcoin legalization and crypto adoption plans in Central African Republic
- President of Central African Republic: Mathematics is the language of the universe, Bitcoin is the universal currency currency is a medium of exchange that defines value.
Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash
