Sango Coin, the Central African Republic’s (CAR) national cryptocurrency, has officially gone on sale and is available for $0.1. The first 5% of the token offering was sold within the first 24 hours.
Sango’s public sale began on Monday, July 25. According to the crypto hub’s official website, 200 million Sango Coins were offered for sale at $0.1.
As of 14:30 (GMT+3) on July 27, the first stage of public sales had already bought out 5.57% of the total supply of Sango Coin. The national cryptocurrency has raised more than $1 million in just two days.
Sango Coin’s final price will be $0.45. The CAR’s national cryptocurrency can be purchased for BTC, ETH, BNB, USDT, USDC, BUSD, and DAI for the equivalent of at least $100. The first phase of public sales assumes that the buyer will not be able to withdraw or sell Sango Coin for a year.
The national crypto initiative came soon after the government of the Central African Republic adopted Bitcoin (BTC) as legal tender and began working on the Sango crypto investment hub. CAR President Faustin-Archange Touadéra announced the release of the national cryptocurrency in early July. He said that Sango Coin will be a tool to tokenize the country’s natural resources and will be the currency for The Crypto Island, a special virtual economic zone in the metaverse.
Sango Coin runs on a Bitcoin sidechain with a two-way peg mechanism, similar to the Liquid Network. In total, the government of Touadéra plans to raise over $1 billion from selling tokens, which will last for a year.
The national crypto initiative is designed to develop new segments of the economy and attract private investment in the CAR, but it remains unknown how the government of Touadéra plans to combine all these plans with the standards of agreements within the Economic Community of Central African States (ECCAS). Recall that earlier, the representatives of the World Bank accused the Central African Republic of improper BTC acceptance. The other day, the Bank of Central African States (BEAC) announced its intention to introduce a common digital currency for the six member states.
Update (28.07.2022)
According to the official website, by purchasing and holding Sango Coin, foreign investors will be able to obtain the following:
- Citizenship. This will require five years to hold the coins, equivalent to $60,000.
- Residence. This will require holding the equivalent of $6,000 in Sango cryptocurrency for three years.
- Land property in The Crypto Island metaverse and a plot equivalent to 250 square meters. This will require a $10,000 lock in a Sango account for ten years.
Investors will therefore be able to gain access to the CAR’s natural resources but will have to pay taxes to the state.
