The Central African Republic launches Sango Coin Cryptocurrency next week
The Central African Republic (CAR), a landlocked country in Central Africa, plans to launch its Bitcoin investment platform popularly known as the “Sango Platform” on July 25. According to an e-mail sent to pre-registered users of the country’s cryptocurrency project.
According to the email seen on Friday, the Sango platform will serve as a central hub for crowdfunding, distribution and community support.
The email went on to say: “Users are now able to qualify and get ready for the official launch on July 25 by registering and getting KYC approved.”
The African nation further announced on Friday that it will launch a national cryptocurrency called “Sango Coin”, which is designed to complement the digital currency center project, the “Sango platform”.
The launch and sale of “Sango Coins” worth 21 million dollars starts next week. The sale will start when 210 million Sango coins are on offer, priced at $ 0.10 each, according to the country’s Sango investment website.
The “Sango coin” goes on sale on July 25 with a minimum investment of $ 500 to be paid cryptocurrenciesincluding Bitcoin and Ethereum.
CAR’s nation’s treasury will hold 20% of the Sango coin, according to the project’s website. The use of the Sango coin is linked to the marketing of the country’s resources and public services on residence, citizenship and land ownership.
Based on CAR’s digital currency investment initiative, foreign investors will be able to purchase $ 60,000 worth of citizenship in cryptocurrencies, with the equivalent of Sango Coins as collateral for five years. Foreign investors will be able to buy “e-residency” for 6,000 dollars in cryptocurrency, held for three years.
Furthermore, both foreign and local investors can buy a 250-meter plot listed as $ 10,000, with the Sango coins locked in for a decade, according to the Sango website.
CAR, which relies on donors for more than half of its budget, is rich in resources, including gold, diamonds, rare minerals and other untapped resources. Sango Coin will therefore enable direct access to the country’s resources for the whole world.
According to the Sango website, there will be 12 more coin sales, and the price goes up every time. However, several details are unclear, as the type of technology used, companies that support the rollout, and whether the price of the token will be free-flowing or fixed, is still unknown.
The terms and conditions of the Sango Investment Platform stipulate that unused Sango coins are non-refundable and convertible back to other cryptocurrencies.
Sango Coin will be the original cryptocurrency of the Sango investment project. It is supported by a Bitcoin reserve and controlled by the country’s citizens. Sango Coin comes with several potential applications, including crypto trading, daily shopping and investing in the digital economy.
Revitalize the national economy
As reported by Blockchain.News, the Central African Republic made headlines when it introduced Bitcoin as a legal tender in April.
The country is now planning to roll out its own national cryptocurrency “Sango Coin”. The movement against cryptocurrency is part of the nation’s plan to revitalize the economy and develop its financial inclusion with a “next generation currency.”
In a recent event, the President of the Central African Republic, Faustin-Archange Touadera, described ‘Sango Coin’ as the currency of the next generation. The president revealed that an estimate of 57% of national citizens does not belong to a bank. The country consists of small towns with little infrastructure, which means that people can not easily travel to a physical bank.
President Touadera believes that cryptocurrency can provide a safer approach for locals to spend and store their money.
CAR became the second country to use Bitcoin after El Salvador. However, the details of the plans have remained sparse.
The Touadera administration captured key stakeholders, including the Regional Bank of Central African States, and crypto experts unknowingly. The International Monetary Fund and the World Bank also recently raised concerns about the country’s Bitcoin adoption, citing a lack of transparency and potential impact on financial inclusion.
CAR’s crypto ambitions still face major challenges, given that it is one of the world’s poorest countries with significant infrastructure gaps. In the country, access to the internet and electricity is quite low. Only 557,000 of the country’s 4.8 million people have access to the Internet and electricity coverage.
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