CAR Launches National Cryptocurrency Token Sale

The Central African Republic (CAR) has opened a public sale of the national cryptocurrency SANGO.

The first phase of the Genesis Cycle project will last a month. During its course, 210 million coins are available to investors for $0.1. Quotes for the listing of the asset are stated at $0.45.

At the time of writing, customers have purchased approximately 21,700 SANGOs or about 1% of the total.

The coin was issued on the Bitcoin sidechain. SANGO can be purchased with BTC, ETH, BNB and USDT, USDC, BUSD, and DAI stablecoins on the BNB Chain and Ethereum networks.

At the Genesis Cycle stage, the minimum purchase amount is $500. For investors at this stage, a blocking period is set – during the year, they will not be able to move the asset.

Then another 12 token sale cycles will take place, each one month long. The price of a coin for them is set at $0.15, but the cost of the minimum possible lot is also reduced to $100. 

At the end of June, the CAR authorities announced the Sango initiative, designed to facilitate the country’s entry into the digital asset industry.

On July 3, President Faustin- Archange Touadéra presented a national cryptocurrency and program that provides for creating a crypto hub, tokenizing natural resources, and digitalizing the economy based on blockchain technology.

According to the government, SANGO is backed by bitcoin.