The CAR is the world's first country to tokenize its natural resources
In this way, the government of one of the world's least developed countries hopes to attract foreign investment.
The president of the Central African Republic announced plans to issue tokens backed by natural resources so as to attract foreign investment projects into the country.
More than 470 minerals have been discovered on the territory of the African state. In addition to oil and lignite, deposits of gold, iron, diamonds, copper, uranium, lithium, cobalt, manganese, rhodium, and many others have been found.
"Natural resources will be the driving force behind our economy," said President Faustin-Archange Touadéra in his letter.
In April, the African country became the first on the continent to accept Bitcoin as legal tender. While in September 2021, the cryptocurrency was legalized in El Salvador.
The CAR government calls the tokenization of natural resources the next step in the world of blockchain technology.
In 2020, Nornickel's Global Palladium Fund issued tokens backed by palladium on the Atomyze digital platform.
The next step for us, the Central African Republic is the democratization & tokenization of resources, a new chapter with tremendous possibilities.— Faustin-Archange Touadéra (@FA_Touadera) June 2, 2022
This #vision & strategy will open unique #opportunities for #investors #worldwide. #CAR #RCA pic.twitter.com/v7mzlsUeTw
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