The alternative to cash is cryptocurrency. The move to adopt cryptocurrencies in a country where internet use is low and electricity unreliable has raised eyebrows among crypto experts, puzzled lawmakers, and residents, and drawn words of caution from the International Monetary Fund. The Sango project, including a “Sango Coin”, was backed by the Central African Republic’s National Assembly, who said the token would provide access to the country’s “mountain” of natural resources, including gold and diamonds. Sango Coin will be the currency of the new generation of the Central African Republic.
The Central African Republic’s enthusiasm for cryptocurrencies does not seem to have been dented by recent losses in their values, with the price of bitcoin falling over 58% in the past three months.