The Central African Republic will start crypto sales
The Central African Republic will begin selling its cryptocurrency, Sango Coin, next week, saying it will be worth $ 21 million.
The announcement comes at a time when the crypto industry is experiencing a rut, and critics are skeptical of Sango Coin’s survival in a war-torn country with minimal connectivity, Reuters reported on Friday (July 15).
Sango Coin is set to go on sale on July 21, with a minimum investment of $ 500, payable in cryptocurrencies, including ethereum and bitcoin, according to the report.
The Central African Republic was the first country in Africa, and the second worldwide, to make bitcoin an official currency, and President Faustin-Archange Touadera has said that crypto can contribute to economic inclusion.
Read more: Despite the downturn, the President of the Central African Republic wins Crypto
Last month, Touadera spoke at a launch of the Sango cryptocurrency initiative, arguing that cryptocurrency is a good alternative to the cost of traditional bank accounts.
“The alternative to cash is cryptocurrency,” the president said. “For us, the formal economy is no longer an option.”
Six Central African countries use the Bank of Central African States (BEAC) and the Central African CFA franc as their currency. Two former prime ministers of the Central African Republic have spoken out against the country’s introduction of cryptocurrency without the central bank’s OK.
The first country to make cryptocurrency an official currency was El Salvador, although other countries have taken similar steps. The Central Bank of Nigeria has issued a digital currency known as eNaira, designed to work on phones with SMS features. Regulators in South Africa and Tanzania are investigating the possibility of using cryptocurrencies in their countries.
Meanwhile, authorities in the Philippines and Vietnam are examining the digital currencies of the central banks (CBDC), after choosing the Japanese blockchain company Soramitsu to study the offers.
See more: CBDC Weekly
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