The official digital currency of the Central African Republic “Sango Coin” has been launched
The Central African Republic recently issued the official digital currency “Sango Coin”, but since many details have not been disclosed, the outside world has questioned the lack of transparency of this plan, coupled with the recent decline in the industry boom, resulting in slow token sales, hours after the sale. Only about 5% of the tokens were sold during the period.
The Central African Republic is one of the ten poorest countries in the world and in April this year became the first African country to adopt bitcoin as legal tender. This has puzzled many cryptocurrency experts, and the International Monetary Fund (IMF) has warned that this will not be a “panacea” for Africa to meet the challenges.
Aims to raise $1 billion
The government of the Central African Republic says the Sango Coin aims to tokenize the country’s natural resources, a plan it sees as a way to move the war-torn but mineral-rich nation toward a better future. The Central African Republic hopes to raise about $1 billion next year through the sale of the Sango Coin token, according to an official website acceptance.
According to the Central African Republic’s plan, foreign investors can obtain citizenship if they buy Sango Coin for $60,000 and hold the pledge for up to five years. As for e-Residency, the price is $6,000, and the validity period is three years.
Sango Coin tokens went on sale at 1:00 a.m. Taipei time on Tuesday, and only about $1.09 million had been sold as of around 7:00 p.m. of the first batch of $21 million issued.
Not being killed in seconds is a bad sign?
Joseph Edwards, head of financial strategy at cryptocurrency investment firm Solrise, said: “If a cryptocurrency project doesn’t sell out quickly after the launch, that’s a bad sign.” He said:
Because the structure of the entire token and plan is deliberately blurred, it makes it difficult for investors to accurately assess the true state of the entire plan.
Details to be clarified include which exchange the Sango Coin token will be listed on, and where the project’s funds will be invested.
Another important person in the cryptocurrency industry said, “They are actually building something that is controlled by the government.” He believes that the Sango Coin token itself does not have the main benefits of digital assets, and people naturally lack the incentive to actively participate.
Investors are optimistic
However, investors who bought Sango Coin tokens are relatively optimistic about the future prospects of the project. These investment minimums are $100 in cryptocurrencies, including Bitcoin and USDT, but have been significantly reduced from the originally planned $500.
“Sango is backed by the potential of natural resources,” said Michel Muna, a 35-year-old food and beverage importer from Cameroon, referring to the Central African Republic’s commitment to “tokenize” mining assets.
Another netizen, Muna, bought $524 in Sango Coin tokens and said: “Sango is the beginning of the rise of the African continent.”