Since the Central African Republic (CAR) began accepting orders for the purchase of its national cryptocurrency, over 2 million Sango coin have been sold to investors.
Among the 199,128,952 coins that were offered for sale on July 25th, 2022, as can be seen from the Sango platform page, there are currently 196,937,143 coins left, meaning that about 2,191,809 coins have been purchased.
The Genesis cycle, in which investors can purchase with a minimum of $500 value of assets, including ETH and BTC, for the potential to get significant government advantages, is how the Sango cryptocurrency sale was launched.
Although 210,000,000 coins were produced, only 199,128,952 were accessible at the start of the genesis cycle. In this instance, it indicates the acquisition of 13,062,857 coins as the government seeks to use cryptocurrency technology to alter both its financial system and its economic position.
Customers stand to gain a variety of advantages, including:
- citizenship initiative
- Program for e-Residency
- acquiring real estate on land
- Nevertheless, according to the Sango platform, investors must stake their investments for the time period specified below:
For $60,000 in cryptocurrency, foreign investors will be able to purchase citizenship, with the equivalent Sango Coins being kept as security for five years.
The cost of an e-Residency will be $6,000 for a three-year period.
The Sango Coins have been kept in a safe for ten years and are stated as being worth $10,000 for a 250-square-meter plot of land.
The Central African Republic stated in a news release:
Sango is the coin of the Sango sidechain and will be partially supported by Bitcoin, according to the Central African Republic, which, put simply, means that the Central African Republic Treasury will be made up of a Bitcoin reserve fund.
Furthermore, according to CAR, citizens will have democratic control over the new digital monetary system, only requiring a smartphone to send and receive money safely and eliminating the requirement for a conventional banking system.
As the popularity of cryptocurrencies grows, more and more government agencies are joining in. Sango Coin is one of the most intriguing legally recognized cryptocurrencies. This native coin from the Central African Republic (CAR), the first African nation to do so, has generated some debate.
The good news about Sango Coin is that there is hope that other African nations will start to view cryptocurrency trade as a way to boost their economies and end poverty.
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