Central African Republic launches public sale of Sango Coin

The initial price of the coin was $0,1, with the country’s authorities expecting it to rise to $0,45

27.07.2022 - 08:15

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What’s new? On July 25, the Central African Republic (CAR) began the public sale of its national digital currency, Sango Coin. According to the project’s official website, a total of 200 million tokens were allocated for the sale, and the initial price of the coin is $0,1. The CAR authorities expect the asset’s rate to rise to $0,45. Sango Coin can be purchased using BTC, ETH, BNB, as well as USDT, USDC, BUSD, or DAI stablecoins, the minimum purchase volume is $100.

Announcement on the official website of Sango Coin

What else is known about the coin? As reported on the project’s website, Sango Coin owners will be able to get some benefits. For example, by locking assets in the amount of $60 000 or more for a period of 5 years, it is possible to get CAR citizenship. Also, the country’s authorities promise to allocate land plots to those who locked Sango Coin for $10 000 for a period of 10 years.

The state cryptocurrency itself was released in early July. With Sango Coin, the CAR plans to tokenize its natural resources. According to President Faustin-Archange Touadéra, the asset will exist alongside bitcoin as an official means of payment.

Also on July 25, the CAR launched Sango, a bitcoin sidechain, the platform has built-in bitcoin interoperability through a two-way peg mechanism. Users who deposit BTC into the Sango sidechain can mine Sango Bitcoin (s-BTC), a wrapped version of bitcoin.

In April, the CAR became the first state in Africa to legalize bitcoin as legal tender. According to the government, this initiative will be able to help rebuild the economy.

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