The sale of the 210,000,000 Central African Republic (CAR) Sango coins is set to begin on July 25, and participating investors will be required to purchase tokens worth at least $500. In exchange for purchasing and locking Sango coins, investors will gain citizenship and real estate as well as a location in the metaverse.
First digital currency system
The Central African Republic (CAR), the only African country to designate legal tender for bitcoin, will start selling the Sango coin for an equivalent of $0.10 from July 25. However, another report indicates that the sale will begin on July 21.
Buyers of the crypto token, which has been described as the country’s digital currency, will have to shell out a minimum of $500 payable in cryptocurrencies like bitcoin and ethereum.
As indicated on the Sango Coins Website, a total of 210,000,000 tokens will be available for crypto enthusiasts to participate in the project. Investors participating in what the CAR describes as the first digital currency system “powered by the bitcoin blockchain” have the opportunity to become citizens of the African country.
“Join the digital transformation of the Central African Republic today. Both local and the first citizenship program in the metaverse: a future of endless possibilities awaits,” reads a promotional message on the Sango website.
Buyers of the token will also be rewarded with real estate as well as land in the metaverse. The CAR will also grant electronic residency status to Sango coin investors who lock their tokens.
Bitcoin National Treasury
On the website, a roadmap detailing the country’s ambitious cryptocurrency plan suggests that CAR wants to increase internet availability and accessibility by investing more in telecommunications infrastructure. Improved internet access will, in turn, help CAR continue to build the national treasury in bitcoins.
While critics including bitcoiners have interrogates the launch of the cryptocurrency, the Sango concept deck shows that CAR is not backing down. Instead, the conceptual platform seems to suggest that the CAR plans to make Sango coins another acceptable form of payment.
Therefore, in addition to using cryptocurrency to become citizens of the CAR, buyers of Sango coins will also be able to use it to purchase land from the government, pay taxes, and access the country’s natural resources.
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