The Central African Republic will start selling its “Sango” cryptocurrency at a unit price of $0.10 on July 21

(Agence Ecofin) – While the price of Bitcoin is in free fall and many crypto platforms are filing for bankruptcy, Bangui is hoping to raise $21 million thanks to the sale of 210 million Sango coins.

The Central African Republic announced this Friday, July 15, that it will begin selling its own cryptocurrency, the Sango, starting Thursday, July 21, at an initial unit price of $0.10.

Described as “national digital currency”, the “Sango Coin will go on sale on July 21st with a minimum investment of $500 in cryptocurrencies”, notably in Bitcoin and Ethereum, according to data published on the Sango Investment Center website.

210 million Sango coins will initially be offered to investors at a price of $0.10 each. This will attract a total of $21 million in investments, the same source added, noting that 12 more Sango coin sales operations are planned, with prices rising each time.

Under this digital currency project, foreign investors can acquire citizenship for $60,000 in cryptocurrencies on the condition that they hold equivalent Sango coins as collateral for five years, and the “E-Residence” for $6,000, which will be held for three years, according to the website.

Investors willing to hold the Sango Coins for a decade will be offered a 250-square-foot lot for $10,000.

Central African President Faustin Archange Touadéra announced on Sunday 3 July that the sango coin would become “the catalyst for the tokenization of vast natural resources” in the country. He also announced the launch of a “Crypto Island,” presented as a tax-free zone where palaces, casinos, a large stadium, and a water park are to be built.

Affected International Financial Institutions

The Sango project (one of the country’s official languages), which was presented for the first time last May, essentially aims to make the Central African Republic an international center for investment and cryptocurrency development.

The Central African Republic, the second least developed country in the world according to the UN, last April became the first country in Africa and only the second in the world (after El Salvador) to adopt Bitcoin as its official currency.

The arrival of digital finance in this country, which has been torn apart by civil war since 2013, has raised concerns among several international and regional financial institutions.

The day after Bitcoin was introduced as the official currency, the International Monetary Fund (IMF) demanded. “Not to see bitcoin as a panacea for Africa’s economic challenges.”

The Central African Banking Commission (COBAC), the body through which the Common Central Bank of the CEMAC countries (BEAC) regulates banking operations, recalled that this is the case “It is prohibited to exchange, settle or hedge transactions related to cryptocurrencies or any connection with them in currency or FCFA.”

The World Bank, for its part, voiced its own “Concerns about the transparency of the project, as well as its potential impact on financial inclusion, the financial sector and public finances in general, and environmental aspects”.

The critics of the Sango project also judge that “unrealistic” in a country where the internet penetration rate is around 11% and the electrification rate is capped at 14.3%.

Also read:

04/07/2022 – Central African Republic launches its “Sango” cryptocurrency and the first African “zero tax” crypto hub

06/28/2022 – Central African Republic: The digital currency project “Sango” will be launched on July 3rd

05/24/2022 – The Central African Republic opens the first “legal” Bitcoin investment center in Africa

11/07/2022 – Three African countries in the top 10 in the world for cryptocurrency ownership

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