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Central African Republic Launches Cryptocurrency ‘Sango Coin’

Central African Republic Launches Cryptocurrency 'Sango Coin'

Central African Republic launches ‘Sango Coin’ crypto currency amid industry

The Central African Republic will start selling a cryptocurrency it thinks will be worth $21 million next week, they said on Friday, amid broader industry trends and nostalgia. doubts about the project’s viability in a war-torn and weakly connected country.

According to the country’s Sango investment website, “Sango Coin”, described as a “national digital currency” will go on sale on July 21 with a minimum investment of $500.

The Central African Republic, where internet access and electricity are low, became the first African country to conduct legal tender for bitcoin in April, prompting many crypto experts to take notice and draw warning. report from the International Monetary Fund.

The nascent crypto market is highly volatile, with bitcoin down around 55% so far this year. Prices rose in 2020 and 2021, but have fallen sharply in recent months as investors abandoned risky assets.

Doubts and what’s been labeled a “crypto winter” doesn’t seem to dampen the Central African Republic’s government’s enthusiasm for their plan.

“For us, the formal economy is no longer an option,” Faustin-Archange President Touadera said at an online event marketing his cryptocurrency project earlier this month.

In Central America, a big bet on El Salvador’s bitcoin has gone awry in recent months as the cryptocurrency plummeted, with holdings falling by more than half to $49.4 million. .

El Salvador last September became the first country to make bitcoin legal tender, along with the US dollar, despite criticism from the IMF and credit agencies.

Under the initiative of the Central African Republic, foreign investors will be able to purchase citizenship for $60,000 worth of cryptocurrency, with the equivalent of Sango Coins held as collateral for 5 years. and “e-residency” for $6,000, held for three years, according to the Sango Website.

A 250 square meter lot is listed as $10,000, with Sango Coins locked for a decade. It is unclear whether these options will go on sale next week, when 210 million Sango Coins are offered for sale, at $0.10 each.

The site says there will be 12 more coin sales, with the price increasing each time. Many details are unclear, including which technology is being used, which companies are supporting the implementation, and whether the price of the token will be freely floating or fixed.

The Sango investment platform terms and conditions clearly state that unused Sango Coins cannot be refunded and converted back into other cryptocurrencies.

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