(Agence Ecofin) – While Bitcoin and others are in the eye of the storm, the first sale of the Central African cryptocurrency does not arouse great enthusiasm.
Of the 210 million Sango coins offered for sale since Monday July 25 by the Central African Republic, 12.1 million have found buyers in the space of three days, according to data published on Wednesday July 27 evening on the site Official website dedicated to the Central African national cryptocurrency.
Mathematics is the #language of the Universe.#Bitcoin is universal money.
— Faustin-Archange Touadera (@FA_Touadera) April 27, 2022
These sales earned the first African country to adopt bitcoin as legal tender $1.2 million, with the sango coin being offered at a unit price of $0.10.
Described as a “national digital currency”, the sango coin was offered for sale with a minimum investment of $500 to be paid in cryptocurrencies, including Bitcoin and Ethereum, according to data published on sango.org.
Twelve more Sango Coin sales operations are planned, with prices rising each time.
During the next sale, during which the unit price of the Sango token will be set at $0.15, foreign investors will be able to buy citizenship for $60,000 in cryptocurrencies on the condition of holding equivalent Sango coins for five years as collateral. , and the “e-residence” for $6,000 held for three years.
A 250 square meter plot is also offered for $10,000 to investors who agree to hold the Sango Coins for a decade.
The Central African President, Faustin Archange Touadéra, announced on Sunday July 3 that the Sango coin would become “the catalyst for the tokenization of vast natural resources” from the country. He also announced the launch of a “Crypto Island” presented as a free zone with zero taxation where palaces, casinos, a large stadium and a water park would be built.
Unveiled for the first time last May, the Sango project (one of the official languages of the country) essentially aims to make the Central African Republic an international hub for investment and the development of cryptocurrency.
The second least developed country in the world according to the UN, the Central African Republic became last April the first country in Africa and only the second in the world (after El Salvador) to adopt Bitcoin as its official currency.
The adoption of digital finance by this country torn since 2013 by a civil war has raised strong apprehensions from several international and regional financial institutions, including the International Monetary Fund (IMF), the World Bank and the Bank of States. Central Africa (BEAC).
The detractors of the Sango project also judge it, “unrealistic” in a country where the Internet penetration rate is around 11%, and the electrification rate is limited to 14.3%.
Read also:
07/22/2022 – Cryptocurrency: the Central African Republic asks the BEAC to develop a normative framework
07/16/2022 – The Central African Republic will start selling its “Sango” cryptocurrency on July 21, at a unit price of $0.10
04/07/2022 – The Central African Republic launches its “Sango” cryptocurrency and the first African “zero tax” crypto-hub
25/05/2022 – The World Bank “concerned” by the proposed bitcoin investment center in the Central African Republic
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