The National Assembly of the Central African Republic actively adopted on Monday, May 29th by acclamation the bill on the “Tokenization” of natural resources, allowing the online sale of digital land titles. Authorities actively sought to enhance the country’s wealth and facilitate their exploitation while fighting against corruption. However, the opposition actively denounced the forced adoption of an unrealistic bill.
The government hopes to attract investors by facilitating the acquisition of title deeds guaranteed by “blockchain” technology, thus exploiting the immense forestry, mining, agricultural, and oil resources of Central Africa. By doing so, they will also save money in administration and fight corruption.
For the authorities, “tokenization” is the logical continuation of the April 2022 law on cryptocurrencies, and the means to boost the use of Bitcoin and Sango coin, the launch of which was a failure. The Sango platform will make it possible to create an online company under Central African law that can acquire digital land titles.
The Minister of Mines Rufin Benam Beltoungou said he was certain of the compliance of the text with the common rules of CEMAC, and that this “pioneering experience” will allow his neighbors to decide on the subject.
The three opposition MPs Anicet-Georges Dologuélé, Martin Ziguélé, and Rachel Ngakola boycotted the plenary of the joint committee on the project and denounced a law that was examined in less than a week and voted on the last day of the ordinary session of the assembly. They argued that the deputies were asked: “to vote a text that they had not had time to read, even though it aimed to completely revolutionize the organization of the economy of their country”.