Although many cryptocurrency investors may have heard about the Sango Initiative, they mistakenly dismissed it as just another CBDC. Many people have been convinced by its government backing. Sango, however, is much more.
Sango Initiative was born in the Central Africa Republic (CAR), which has vast resources of more than $2 trillion. The country is an undiscovered gem in terms of investing and Sango allows the government to offer these opportunities for investors. This country is well-known for its leadership in digital transformation and innovation on the African continent. It has taken yet another step towards this goal.
Why Sango Doesn’t Have Another CBDC
Contrary to CBDCs which are supported by fiat currency, the Sango Initiative’s funding is actually Bitcoin. This innovative Layer 2 solution combines the benefits of decentralization and the security that bitcoin offers with the power and flexibility to create a Layer 3. Sango’s digital currency is an amalgamation of all aspects crypto. Sango hopes to create a new digital revolution in Central African Republic by implementing this system.
This digital currency provides an easy, fast, and affordable way to pay. It also allows for storage and use of your money quickly and easily. Sango, like any other country adopting a digital payment system, promotes inclusion, offers decentralized financing (DeFi), and many more.
Built on Bitcoin, this L2 solution offers both smart contracts as well as a highly-scalable platform. Decentralized applications (DApps), can be developed on this platform. This platform is modular and has its own governance. It’s the perfect solution to any country’s monetary problems.
Sango Coin
Sango coin, the native cryptocurrency for the Sango Initiative is called. This token, which is backed bitcoin, serves a variety of purposes in the Sango ecosystem as well as the Central African Republic. One of the first uses is to create a currency.
The SANGO currency can be used to exchange money in the country. The token can be used to buy, sell and pay for services. The token offers a quicker and more efficient way to pay than traditional banks. It also has better value storage than fiat.
Sango token holders also have voting rights within the Sango governance process. In this way holders can participate in the world’s largest digital democracy system. The CAR government does not control Sango tokens. Contrary to a CBDC which is under the complete control of central banks authorities of the country, holders retain 100% ownership of their tokens.
Sango – Do More
The scheme of investing to gain citizenship is available in all countries. Sango stands out from other cryptocurrency holders because there is currently no country that offers citizenship.
CAR has made it clear that real estate can be purchased in Bangui (also known as Crypto City) according to the government. You can purchase 250-square-meter plots for $10,000 and lock them for 10 years. These parcels also come with metaverse counterparts.
Anyone can apply to become a citizen of the Central African Republic by depositing $60,000 in SANGO Coins for a five-year period. It is a simple and straightforward process that uses the Sango ecosystem. It is possible to get a CAR passport and travel across the globe by just buying cryptocurrency.
Central African Republic provides an opportunity for individuals or entities to become digital entities within the country by making cryptocurrency investments possible. Anybody can secure $6,000 worth of SANGO Coins to obtain an e residency in the country, which will provide them with access opportunities within various industries, including healthcare and insurance.
Sango also offers 0% income taxes on investments. Once the lockup period expires, owners can immediately redeem their SANGO coins.
Sango Initiative is redefining what it means be a government-backed crypto. They also plan to give holders even more incentives such as natural resources, corporate setups and the commerce space.
SANGO Coin launched the Genesis Cycle where anyone is interested can order tokens at a reduced price of $0.10 via its website.