Central African Republic Token Sale off to Slow Start — $1.26 Million Raised in Under 5 Days – Africa Bitcoin News

The Central African Republic’s token sale appeared to have gotten to a slow start after less than 13 million out of the 210 million Sango coins were sold since the commencement of the sale on July 25. The country has claimed its decision to adopt bitcoin has won praise from “other African countries exploring the possibilities of adopting a similar system.”

More than $1.2 million raised since the Token Sale began

The sale of the Central African Republic (CAR)’s Sango crypto token, which commenced on July 25, has reportedly started off slowly with just under 13 million coins having been sold to date. It means that CAR has already raised $1.26 million from the token sales, with the initial price being $0.10.

Bitcoin.com News previously reported that to secure their shares of the 210million Sango coins available, potential investors must spend at least $500. Potential buyers may pay in Bitcoin or Ethereum.

Although details regarding the sale of the token and the technology that will anchor it remain uncertain, the team behind the project released a statement in which they addressed these concerns. The CAR team addresses reports that Sango coins are backed by Bitcoin in the statement. CAR Team stated:

SANGO will become the Sango coin sidechain. It will fractionally be backed by Bitcoin. That means the Central African Republic Treasury will include a Bitcoin reserve.

Being backed by bitcoin, therefore, means “Sango will be able to operate with wrapped Bitcoin (s-BTC) in the Sango ecosystem.”

Sango is immune to the De-Pegging risk

According to the CAR’s leadership, bitcoin is an “optimal solution for a digital store of value, allowing citizens to democratize money and currency.” The press release also said, “benefits include, partial decentralization and no risks of de-pegs, differentiating SANGO from stablecoins and CBDCs and ensuring that current monetary problems will be surpassed.”

The Sango team acknowledged that the controversy surrounding the decision by the CAR to legalize bitcoin has caused some backlash. In a press release, however, Sango team stated that their move attracted attention from prominent figures in the cryptocurrency industry, such as Changpeng Zhao, Michael Saylor, and others.

The statement also claimed the CAR has also been praised by “other African countries exploring the possibilities of adopting a similar system.” However, the statement does not reveal the names of the said countries.

To receive a weekly update about African news, sign up here

Your thoughts? Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.