Which country has adopted Bitcoin as its official currency? As of September 2021, El Salvador has made Bitcoin its official currency. This “experiment” made headlines. Since then, all economists have been closely following El Salvador. But we almost forget that the second country has adopted Bitcoin as its official currency: the Central African Republic! The country also has a launch token, the Sango coin. Back to the crypto move adopted by the Central African Republic.
Central African Republic and Bitcoin
Bitcoin is from April 27, 2022 a official currency in the Central African Republic. With this, the country is continuing the movement launched by El Salvador in September 2021. The announcement made less noise because it was quite discreet. In fact, CAR President Faustin-Archange Touadéra made happy at the time with a simple tweet. In the tweet, the President announced that there were “more things to follow” … But what?
What is the Sango coin?
At the same time as the officialization of Bitcoin in the country, the President paved the way for another crypto, the Sango coin. What is the Sango crypto coin?
“Sangó means the language of money and wealth. Cryptocurrency helps the poor take control of their investments » Faustin-Archange Touadéra, CAR President
This new cryptocurrency will be like that used alongside Bitcoin in the country. I tweet from July 3, 2022The CAR President compared the Sango Coin to a new “digital gold”.
“Gold has been the engine of our civilization for centuries. For our times, digital gold will serve the same purpose in the future. » Faustin-Archange Touadéra, President of CAR
The Sango coin sale has started!
The Sango coin is now a reality in the country. In fact, sales began on July 25, 2022 as announced on Twitter. Sango corner sales will occur in 13 cycles. Currently, 210 million Sango coins are released for a month. The price of Sango coins is $0.10. Eventually, it will move up to $0.37. Therefore, the first person served will be able to benefit from an advantageous price. Finally, 4.2 billion Sango coins to distribute. Sango coin buyers will have to lock their token for one year. At the time of writing, there are approximately 198 million coins left to distribute. In other words, about 12 million coins have already found a buyer!
This new cryptocurrency aims to help people invest in the country’s mineral resources. It also aims to attract investors to the country. How ?
For example, Sango coin holders will soon be able to to obtain the citizenship of the country. To do this, they will have to block the equivalent of $60,000 in the Sango coin for 5 years. Over 5 years, the signs will be returned to them.
Other services are also possible for Sango tire owners. They will be able to take advantage of the e-residency or “electronic living”. This administrative status is different from citizenship. It allows you to take advantage of it advantageous tax conditions and of simplified administrative procedures. The “entry ticket” is more accessible than citizenship. In fact, to have “e-residency”, people will have to block the equivalent of $6,000 in the Sango coin for 3 years.
Another possible service involves thebuy land. With $10,000 in Sango coins locked up for 10 years, people will be able to buy a 250 square meter piece of land. These lands will be located in the capital of the country, Bangui, more precisely in the (future) area dedicated to cryptos. This land will also be “present” in a metaverse that is currently being developed.