The movement towards the metaverse is now the norm, and more and more countries are moving in this direction. Recently, the Central African Republic made an important decision: to sell tokens.
Sango coin: what is it?
The Sango Coin (SANGO) is a cryptocurrency launched by the Central African Republic; it is recognized and will be used to modernize the country’s infrastructure and to implement the planned metaverse project. It was the President of the Central African Republic (CAR), Faustin-Archange Touadéra, who launched the Sango coin as the country’s national cryptocurrency during a recent broadcast of a virtual event.
Sango Coin will serve as a gateway to the natural resources of the Central African Republic, and the Central African Republic plans to use Sango Coin to create a cryptocurrency-based economy fueled by private investment. This digital economic hub also provides for the creation of a “cryptographic island” on the Ubangi River.
For a developing country, this is a real revolution!
Token with multiple functions
In order to provide many uses, the Sango coin has several useful features. Crypto has a privacy layer that allows it to be both secure and private. It also allows the use of smart contracts, which makes it useful for various sales and transactions. An integrated accounting system with an application will make it easy to keep track of coins. As a form of national currency, Sango Coin has unique benefits for users.
Note that it is exempt from the capital gains tax that other forms of cryptocurrencies are subject to. Users also do not have to pay taxes on transactions that take place in the cryptocurrency market. Cryptocurrency is officially recognized as capable of paying all types of debts and taxes. These CAR-specific characteristics may lead to higher-than-usual adoption rates among CAR citizens. Sango Coin also has unique ties to other projects led by the Central African Republic.
As part of the Sango project, they plan to create a Crypto Island in the capital of the country. Crypto Island, located in the CAR capital of Bangui, plans to use the Metaverse’s real estate to improve physical infrastructure. The Sango Coin will also be used to tokenize various national assets, allowing investors from all over the world to invest in the country’s mining and export industries.
If President Touadéra promotes BTC and Sango Coin, his people are not very enthusiastic. Several reports have shown that most people in the country do not have access to electricity or the Internet, which excludes them from this currency. Even leaders who support the president have admitted that the infrastructure has not yet been created, but they believe that first the BTC, and then the infrastructure. In any case, the sale has begun!
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