The sale of the Central African Republic (CAR)’s 210,000,000 Sango coins is set to begin on July 25 and participating investors will have to buy tokens worth at least $500. In return for buying and locking in the Sango coins, investors will gain citizenship and a piece of real estate property as well as a location in the metaverse.
First Digital Monetary System
The Central African Republic (CAR), the only African country to designate bitcoin legal tender, will begin selling the Sango coin for an equivalent of $0.10 starting July 25. However, another report says the sale will commence on July 21.
Buyers of the crypto token, which has been described as the country’s digital currency, will need to fork out a minimum of $500 which is payable in cryptocurrencies like bitcoin and ethereum.
As shown on the Sango coin website, a total of 210,000,000 tokens will be available to crypto enthusiasts that interested in participating in the project. Investors participating in what the CAR describes as the first digital monetary system that is “powered by the bitcoin blockchain” have an opportunity to become citizens of the African country.
“Join the digital transformation of the Central African Republic today. Both local and the first Citizenship Program in the Metaverse: a future of endless possibilities are awaiting you,” a promotional message on the Sango website states.
Buyers of the token will also be rewarded with a piece of real estate property as well as a plot in the metaverse. The CAR will also give e-residency status to Sango coin investors that lock in their tokens.
Bitcoin National Treasury
On the website, a roadmap detailing the country’s ambitious cryptocurrency plan suggests that the CAR wants to ramp up internet availability and accessibility by investing more in the telecommunication infrastructure. Improved internet access will in turn help the CAR proceed with the creation of the bitcoin national treasury.
While critics including bitcoiners have questioned the launch of the crypto coin, the Sango concept deck shows that the CAR is not backing down. Instead, the concept deck appears to suggest that the CAR is planning to make Sango coins another acceptable form of payment.
Therefore, besides using the cryptocurrency to become citizens of the CAR, Sango coin buyers will also be able to use this to buy land from the government, pay taxes and access the country’s natural resources.
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Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.
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