More and more countries are readily accepting cryptocurrencies as a part of the financial architecture, boosting the growth of the industry. Few nations have made Bitcoin a legal tender, while others are legally accepting it for transactions. However, some countries, such as the CAR, have taken the initiative a step further.
Earlier, the Central African Republic announced its plan to launch a national cryptocurrency called Sango Coin after accepting Bitcoin as an official currency. CAR has now announced the public sale of the token on its website.
The president of the Central African Republic, Faustin-Archange Touadéra, launched Sango as the next-gen currency for the country. The currency is intended to be the gateway to CAR’s natural resources and will help in the tokenization of the natural resources of the country.
The coin is employed to build a cryptocurrency-based economy for private investment and help in boosting the economy of the nation. The public sale began on Monday, and 200 million Sango coins are available for purchase at a price of $0.10 each. The final listing price will be $0.45. Investors can purchase the tokens with a minimum of $100 worth of cryptocurrencies.
The website accepts a range of cryptocurrencies, including Bitcoin, Ether, Binance Coin, Tether, USD coin, Binance USD, and DAI. The coins can be transferred either to Ethereum or Binance Smart Chain wallets.
About 5.35% of tokens are already sold, resulting in a raise of over $1 million in the first 24 hours. The sale will last one year, during which the country aims to raise over $1 billion. All the Sango Coins purchased during the year need to be vested for a year, and the buyers cannot withdraw or transfer the tokens during this period.
Sango Coin will run on the Bitcoin sidechain, which is similar to Blockstream’s Liquid Network with a two-way peg mechanism. You can learn more about Sango Coin at https://sango.org/.