Crypto

What is the “Sango Coin”, the new currency of the Central African Republic?

(ETX Daily Up) — The Central African Republic has opened its Sango cryptocurrency project to the public. In exchange for investment, it will be possible to obtain citizenship of Central Africa, take advantage of preferential taxation and even receive land in the future district of the capital.

By becoming the first African country to accept bitcoin as legal tender, the Central African Republic confirms its transition to cryptocurrencies. The Central African country has officially launched its “Sango” program, which allows you to invest in a token. The goal of the project is to develop the country’s economy through cryptocurrencies and, in particular, through the “tokenization” of the extremely rich mining resources in the country.

Specifically, this “tokenization” refers to the registration of an asset (here, mining resources) and its rights to a token. Thus, you can manage your assets, conduct transactions on the blockchain instantly and safely. Faustin-Archange Touadéra, the country’s president, wants everyone to be able to “own” and share the country’s natural resources.

Only 14% of the population has access to electricity

In addition to receiving these tokens, many benefits will allow investors to go further in their integration into Central African society. In the next phase, it will be possible to invest to obtain citizenship ($60,000), acquire 250 square meters of land in the area dedicated to cryptocurrencies in the capital of Bangui ($10,000) or even obtain “e-residency”. program ($6,000). Once the tokens are purchased, they will actually be locked up for a certain period (3 to 10 years) to prevent the token from being immediately resold after receiving a capital gain. Once the blocking period is over, the investor will be able to recover their tokens and their use.

The sale of its tokens must take place within 13 cycles determined by the country in order to gradually accompany the development of the project. At the moment, the starting price is $0.10 per token and is expected to rise to $0.45 over cycles.

The project is especially ambitious in a country where, according to the World Bank, only 14% of the population has access to electricity. It is difficult to guarantee that the entire population will be able to understand and adapt to the blockchain and its characteristics. As the government takes charge of cryptocurrencies like no other country before, many critics have emerged due to the project’s lack of transparency and clarity.

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