Crypto

Cryptocurrency: Central African Republic and the Sango coin of discord

The dizzying fall in prices has not stopped the Central African Republic (CAR) from adopting its own cryptocurrency: the Sango coin, or Sango, launched by the Central African head of state Faustin-Archange Touadéra.

Sango Coin: The Cryptocurrency That Makes You a Citizen of the Central African Republic

The Central African Republic has started selling its token. Sango, offered at $0.10 per unit, is expected to boost economic activity in the CAR, especially in the mining sector.

After the adoption of this cryptocurrency, which makes bitcoin legal tender in its territory, the Central African authorities offered investors on Monday, July 25, a total amount of 210 million Sango coins.

But the proposal of President Faustin-Archange Touadéra and his government does not convince everyone. According to data published on Wednesday evening, July 27, on the official website dedicated to the national cryptocurrency of Central Africa, only 12.1 million people found buyers in three days. A small calculation of this sale is about US$1.2 million.

The Central African Republic became last April the first country in Africa and the second in the world (after El Salvador) to adopt bitcoin as its official currency.

The adoption of digital finance in this country, torn by civil war since 2013, has raised serious concerns from several international and regional financial institutions, including the International Monetary Fund (IMF), the World Bank and the Bank of Central African States (BEAC). ).

Critics of the Sango project also see it as “unrealistic” in a country where internet penetration is around 11% and electrification is capped at 14.3%.

Some ministers in the government would not agree with this project. It is said that the Central African director of the Bank of Central African States even tried to dissuade the authorities, in particular through the former director of the IMF, Dominique Strauss-Kahn.

However, the Sango project in the Central African Republic is slowly taking shape.

This will allow for Central African citizenship as well as land purchases in a future cryptocurrency-focused district in the capital of Bangui.

The starting price is $0.10 and is expected to rise to $0.37. A total of 4.2 billion units of Sango Coin are to be sold, and each cycle will require tokens to be locked up for one year.

Benefits and Features of Sango Coin

The purpose of the Sango Coin sale is to fund crypto projects in the Central African Republic. For example, from the next stage, it will be possible to use its tokens to obtain citizenship of the country.

This will cost $60,000 of Sango Coin, which will be locked up for five years. A Central African passport will be issued and investors will receive tax exemption on their cryptocurrency income.

There will also be an “e-Residency” program that will block $6,000 for 3 years. While e-Residence does not grant citizenship, it also offers preferential taxation and simplifies administrative procedures for entities wishing to participate in the Sango project.

In addition, a $10,000 investment locked up for 10 years will enable the purchase of 250 square meters of land in a future cryptocurrency-themed district in Bangui, the country’s capital. The equivalent of this earth must also be represented in a future metaverse.

While there is still more to be built, and nothing yet lets us know if Sango will succeed or fail, it is important to recognize the unprecedented nature of this initiative, which also comes from the government.

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