The Central African Republic’s token sale has started on a slow note after selling less than 13 million of the 210 million Sango coins since the sale began on July 25. The country has claimed praise for its decision to adopt bitcoin. “Exploring the possibility of other African countries adopting a similar system.”
Just over $1.2 million raised since the start of the token sale
The Central African Republic (CAR) Sango crypto token sale, which began on July 25, has reportedly started slowly with only 13 million coins sold so far. A website tracking token sales has shown that 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.
As previously reported by Bitcoin.com News, investors who wish to acquire their share of the 210 million Sango coins on offer will have to pay a minimum of $500. Potential buyers can pay using BTC or ETH.
Although details regarding the sale of the coin as well as the technology used to anchor the crypto tokens remain unclear, a press statement issued by a team promoting the project appeared to address these and other concerns. . In the statement, the CAR team began by addressing reports that Sango Coin is backed by bitcoin. CAR team said:
Sango, the coin of the Sango sidechain, will be partially backed by bitcoin, which simply means that the Central African Republic Treasury will include a bitcoin reserve fund.
Therefore, being backed by bitcoin means, “Sango will be able to work with bitcoin (S-BTC) wrapped in the Sango ecosystem.”
Sango Immune to De-pegging Risks
According to CAR’s leadership, bitcoin is “the optimal solution for a digital store of value, allowing citizens to democratize money and currency.” “Benefits include partial decentralization and no risk of de-pegs, separating SANGO from stablecoins and CBDCs, and ensuring that current monetary problems will be overcome,” the press release also said.
In the press statement, the Sango team acknowledged that CAR has received a response to its decision to make bitcoin legal tender. However, in the press release, the team claimed that the move has attracted the attention of prominent figures in the crypto industry such as Changpeng Zhao and Michael Sayler.
The statement also claimed that the CAR was praised as “other African countries have also explored the possibilities of adopting a similar system.” However, the names of the said countries have not been disclosed in the statement.
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