JAKARTA - Cryptocurrency is a solution for dealing with special finance in the Central African Republic. This was stated by President Faustin-Archange Touadera on Sunday, July 3 citing the high costs of opening bank accounts in his country.

“The alternative to cash is cryptocurrency,” Touadera said at the launch event of a crypto initiative hosted by the Sango Project in the country. This makes them the first African country to make bitcoin legal tender in April. "For us, the formal economy is no longer an option," Touadera said, as quoted by Reuters.

The move to adopt cryptocurrency in a country where internet usage is still low and electricity is unreliable, has raised eyebrows or astonished crypto experts around the world. Even MPs and residents of the Central African Republic were confused. Finally, the IMF (International Monetary Fund) also issued a stern warning to them.

The Sango project, including the "Sango Coin", is backed by the National Assembly of the Central African Republic and spearheaded by Touadera, which says the token will provide access to a "mountain" of the country's natural resources, including gold and diamonds.

The country's "Sango" website says the project will "facilitate the tokenization of Central African Republic resources for investors around the world".

"The Sango Coin will become the Central African Republic's new generation currency," Touadera said, without providing further details on the intent of his statement.

The Central African Republic's enthusiasm for cryptocurrencies seems unaffected by the recent losses it has incurred in its value. Even as bitcoin prices have fallen more than 58% in the last three months, according to Refinitiv data./Reuters