In three days, the Central African Republic sold more than 12 million Sango coins for approximately $ 1.2 million

(Agence Ecofin) – While Bitcoin and others are in the eye of the storm, the first sale of the Central African cryptocurrency is not arousing much enthusiasm.

Of the 210 million Sango coins put on sale since Monday 25 July by the Central African Republic, 12.1 million have found buyers within three days, according to data published Wednesday, July 27 evening on the official website dedicated to Central African national cryptocurrency.

These sales earned the first African country to adopt bitcoin as legal tender $ 1.2 million, with the sango coin being offered at a unit price of $ 0.10.

Described as a “National digital currency”, the sango coin went on sale with a minimum investment of $ 500 to be paid in cryptocurrencies, including Bitcoin and Ethereum, according to data published on sango.org.

Another twelve Sango Coin sales operations are planned, with prices rising each time.

During the upcoming sale, during which the unit price of the Sango token will be set at $ 0.15, foreign investors will be able to acquire citizenship for $ 60,000 in cryptocurrencies provided they hold equivalent Sango coins for five years as collateral. “E-residence” for $ 6,000 held for three years.

A 250-square-foot plot of land is also being offered for $ 10,000 to investors who agree to hold the Sango coins for a decade.

The 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” from the country. He also announced the launch of a “Island of cryptocurrencies” presented as a zero-tax free zone where buildings, casinos, a large stadium and a water park would be built.

Unveiled for the first time last May, the Sango project (one of the country’s official languages) essentially aims to make the Central African Republic an international hub for investment and development of cryptocurrencies.

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

The adoption of digital finance by this country torn apart by a civil war since 2013 has raised strong concerns from several international and regional financial institutions, including the International Monetary Fund (IMF), the World Bank and the Bank of States of the Central Africa (BEAC).

The detractors of the Sango project also judge him, “unrealistic” in a country where the Internet penetration rate is around 11% and the electrification rate is limited to 14.3%.

Read also:

07/22/2022 – Cryptocurrencies: Central African Republic asks BEAC to develop regulatory framework

07/16/2022 – The Central African Republic will start selling its “Sango” cryptocurrency on July 21, at a unit price of $ 0.10

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

25/05/2022 – The World Bank “worried” about the proposed bitcoin investment center in the Central African Republic

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