The Central African Republic (CAR) reportedly disclosed details of its plan for going forward with the “Sango Project”, carrying out the tokenization of access to the nation’s abundant natural resources.

Specifically, the details of this decision to move forward with the ambitious initiative were reportedly revealed when President Faustin-Archange Touadéra posted a photograph of a statement on his official Twitter account on June 2nd. 

“We are giving everyone access to the riches of our land. In other words, we are transforming them into equally valuable and important digital assets through an unprecedented new administrative and economic movement.” The statement, signed by Minister of State and cabinet chief of staff Obed Namsio, read, in part. 

The statement additionally revealed that Touadéra reportedly called for the parliament to conduct preparation work regarding a new strategy to introduce investment opportunities in the country’s economy.

The CAR, which in April secured the second spot in the list of nations recognizing Bitcoin (BTC) as legal tender throughout the globe, reportedly rolled out Project Sango in May. 

On the project’s website, it claimed to have obtained the approval from the World Bank for a $35 million development fund dedicated to the Sango crypto hub in the nation – regardless of the anti stance of the World Bank adopted against the project.

The development of a legal framework dedicated to resource tokenization is a key factor of the Sango initiative, as well as the establishment of an investor-focused e-residency, crowdfunding infrastructure, and the founding of Sango – the so-called Crypto Island metaverse. 

The CAR has reserves of gold, oil, iron, diamonds, copper, uranium, rhodium, limestone, cobalt, manganese, and other minerals.