Central African Republic token sale off to a slow start – $1.26M raised in less than 5 days – Africa Bitcoin News

The sale of the token in the Central African Republic appears to be slowing down after less than 13 million of the 210 million Sango have been sold since the sale began on July 25. The country claimed that its decision to adopt bitcoin has won praise from “other African countries that are exploring possibilities of adopting a similar system.”

Just over $1.2M has been raised since the token sale started

The sale of the Central African Republic (CAR) Sango crypto token, which began on July 25, is said to have started slowly with just under 13 million coins sold so far. With the initial sale price set at $0.10 per coin, this means that CAR has now raised approximately $1.26 million since the sale began, website The token sale tracking has shown.

As previously reported by Bitcoin.com News, investors who want to get their share of the 210 million Sango coins on offer must forego a minimum of $500. Potential buyers can pay with BTC or ETH.

While details about the coin sale as well as the technology used to anchor the token remain murky, the press release from the team promoting the project appears to address these and other concerns. In the statement, the CAR team began addressing reports that Sango is backed by Bitcoin. CAR Team said:

SANGO, the Sango sidechain coin, will be partially backed by Bitcoin, which in simple terms means that the CAR treasury will consist of a Bitcoin reserve fund.

Being backed by Bitcoin means that “Sango will be able to operate with encapsulated Bitcoin (s-BTC) in the Sango ecosystem”.

Sango is immune to the dangers of disengagement

According to the leadership of the Central African Republic, bitcoin is “the perfect solution for a digital store of value, allowing citizens to democratize money and currency.” The press release also said, “The benefits include partial decentralization and no risk of depegging, differentiating SANGO from stablecoins and central bank digital currencies, ensuring that the current monetary problems are bypassed.”

In the press release, Sango’s team acknowledged that while the Central African Republic received a backlash over its decision to file a legal tender for bitcoin. However, in the press release, the team claimed that the move had attracted the attention of prominent figures in the crypto industry such as Changpeng Zhao and Michael Saylor.

The statement also claimed that the Central African Republic had been praised by “other African countries exploring possibilities of adopting a similar system”. But the statement did not reveal the names of the mentioned countries.

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Tags in this story

Bitcoin Code, Bitcoin Reserve Fund, BTC, Bitcoin CAR, CBDC, Changpeng Zhao, Decentralization, ETH, michael saylor bitcoin, Sango coin, Central African Republic

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Terence Zimoara

Terence Zimoara is a Zimbabwean award-winning journalist, author and writer. He has written extensively about the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

photo credits: Shutterstock, Pixabay, Wikicommons

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