Although cryptocurrency adoption has been slow across the world, there have been many successes. It started with El Salvador’s adoption of bitcoin as a legal tender, and it has spiraled from there. The one thing left to accomplish is the creation of a crypto currency that can be backed up by a national. Others have followed the Central Bank Digital Currency path (CBDC) but the Central African Republic is introducing a unique monetary system.
Sango enters the Picture
Sango, a Layer 2 solution built on the top of bitcoin’s blockchain is called. When they say Sango is bitcoin-backed, it doesn’t mean just backed by BTC coins, but that the entire system is built atop the largest decentralized network in the world. Central African Republic backs Sango’s sidechain. This makes it one of the most supported cryptocurrency ecosystems.
Like other countries, the CAR has made further progress in adopting digital assets. Sango, which will take all the benefits of bitcoin and make improvements to areas that need it, will run a new digital money system. Blockchain technology is required to create this kind of infrastructure.
Sango, a sidechain can help bypass network congestion which slows down bitcoin’s network. By spreading the load over a second layer, Sango is able to avoid network congestion. Sango’s sidechain allows for more privacy and scalability. It also makes smart contracts easier to program. Users will be able to send cross-border money and make payments faster.
SANGO Coin Is Tomorrow’s Currency
Faustin-Archange Touadéra, the President of the Central African Republic, has put forward that SANGO Coin will be the “currency of the next generation.” It is no surprise that the president has made such a bold statement, given the capabilities and applications of the SANGO Coin.
SANGO Coin is more than a payment method. Yes, it can be used to carry out fast and efficient transactions, but the SANGO Coin utilities far exceed anyone’s expectations. Because it is supported by bitcoin, the cryptocurrency market already offers a solid foundation.
Investing in SANGO Coin also opens the doors to the Central African Republic’s natural resources, which are currently valued at more than $3 trillion. Individuals may also be eligible to apply for citizenship by purchasing SANGO Coins.
Change The Game
There have been many times in history when something has changed. It could be new investment methods or a currency that is more efficient than the current one. Sango offers both.
Bitcoin is a widely recognized and well-accepted store of value. The SANGO Coin reaps the benefits. Sango Coin will become pegged to Bitcoin, so users can also transact wrapped bitcoin (sBTC) within the Sango ecosystem.
Sango’s infrastructure was designed for government structures. This is something that bitcoin wasn’t built to do. Building on the Bitcoin blockchain, but creating a brand new cryptocurrency is the best way to go for CAR.
The utility and reliability of the SANGO Coin have already won it praises from notable bitcoin evangelists like MicroStrategy CEO Michael Saylor, Binance CEO Changing Zhao. Other African countries are now also looking to CAR’s system in hopes of implementing a similar one.
The website currently offers SANGO coins at $0.10 each.