Press Release
PRICE RELEASE Sango, the Central African Republic’s crypto-initiative, has set off a wave of excitement in the crypto space, fuelling curiosity and anticipation. Sango, backed by an extensive Legal Framework will allow the construction of the physical and digital infrastructure necessary to support its growth. SANGO will partially be backed by Bitcoin. It will therefore build upon an existing solid foundation.
What does “backed by Bitcoin” really means?
Let’s set things straight: SANGO, the coin of the Sango sidechain, will be fractionally backed by Bitcoin, which in simple terms means that the Central African Republic Treasury will consist of a Bitcoin reserve fund.
Historically speaking a country’s currency would be backed by reserves of gold, as has been the case until the Bretton Woods agreement. Bitcoin, also called digital gold is the most valuable store of value in the blockchain area. Bitcoin will become the best store of value in a currency because it is highly valued. Sango will also be tied to Bitcoin. This means that any person can use wrapped Bitcoin (sBTC) within the Sango ecosystem.
The 70s brought about the removal of the US Dollar’s gold value. There was an inexhaustible supply of money that could be printed, as you may have guessed. Inflation was still a major problem for traditional Fiat currencies. Bitcoin, on the other hand is a decentralized currency that does not have to be controlled by any central authority. Bitcoin, on the other hand, is the best solution to create a digital currency and store value.
Bitcoin backing means it can build on the robust technical foundation, the largest decentralized crypto network and secure cryptocurrency network around.
With its solid reputation and its secure blockchain and public unalterable ledger, the Central African Republic is well placed to help improve its citizens’ lives and ensure fair and transparent wealth sharing. Sango, despite how few people see it, will enable citizens to access a digital and modern monetary system. Unbanked individuals can gain access to the global financial network.
The Central African Republic Government supports this initiative
According to President Faustin-Archange Touadéra in the Sango Genesis event, “the Sango Coin will be the currency for the next generation”. This implied sense of confidence and assurance is an immediate result of its ‘backed by Bitcoin’ element, which creates confidence and reliability within the initiative. Building on Bitcoin’s foundation offers many benefits. This is mainly due to its limited supply and decentralized nature. This includes partial decentralization, no risk of de-pegs and the differentiation between stablecoins (SANGO) and CBDCs. It also ensures that we will not be facing any monetary crises in the future.
It’s also been inferred that the population will have the most to gain with Bitcoin as the digital store of value behind SANGO. The new digital currency system will give citizens democratic control. Citizens can use their smartphones to send and receive money instantly, eliminating the need for traditional banks. There is already a wider vision behind SANGO, as the President puts it: “a common cryptocurrency and an integrated capital market that could stimulate commerce and sustain growth”.
SANGO is a crypto system that has been praised by other African countries, despite the many doubters and detractors.
Sango’s disruption has been a catalyst for Bitcoin adoption. This is an important step forward for cryptocurrency, since they are leading the charge for a revolution in monetary technology and allowing people to have complete control of their money.
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