The ZAR continues to build on crypto. As the second country in the world with a successful BTC adoption, the Central African Republic is now launching its own cryptocurrency with a Bitcoin reserve with the Sango Coin.
Sango: The cryptocurrency of the Central African Republic
Earlier this month, the President of the Central African Republic, Faustin Archange Touadéra, announced the Sango Coin. This is the country’s own cryptocurrency.
In addition to a function as a means of payment, this is primarily intended to promote investment in the African state. The developers themselves describe their project on their own website, which has been online for three days, as follows:
Sango Coin is the first digital money system based on the Bitcoin blockchain.
So it is a layer 2 solution for the largest cryptocurrency by market capitalization. You want to make your own blockchain completely confidential. A transparent query of all data as with BTC itself is then not possible.
Graphic representation of the Sango properties
Sango also supports smart contracts. However, you tend not to want to create a competition to Ethereum. Sango also has the task of acting as a “catalyst of the country’s natural raw materials”.
Is Bitcoin legal tender in the Central African Republic?
With the Central African Republic, another state legalizes Bitcoin and thus follows El Salvador.
ZAR used for Sango Bitcoin Reserve
The maximum supply of the Sango Coin is 210 million. Sango is to remain closely connected to Bitcoin through a Bitcoin reserve.
The Ministry of Finance will maintain a dedicated Bitcoin reserve.
This is stated on the website. However, the issuance of the token is by no means decentralized. The distribution is already planned in detail.
The allocation of Sango at a glance
The sale of Sango will start on July 25 for a price of ten dollarcents per token. In another pre-sale round, the price rises to 15 cents, and most recently to 45 cents.
Sango forms investment program for TSAR
By integrating smart contracts, ZAR apparently wants to make Sango a sensible investment vehicle. By creating Sango, users are offered various benefits in different amounts.
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Those who invest $ 60,000 in Sango for five years will receive citizenship of the Central African Republic as a reward. For the provision of 6,000 US dollars over three years, you will receive an e-residence.
Overview of the Genesis Cycle
A similar program is already known from Estonia today. This is to attract foreign investors by providing services. As a result, they can set up companies in the country or open a bank account.
All of this should ultimately be interesting above all through tax advantages. The ZAR focuses on the crypto industry. The republic in the heart of Africa does not impose taxes on cryptocurrencies.
Both in the country and in the Metaverse, the first e-residency program. We welcome crypto enthusiasts to the digital oasis of the future and enjoy zero percent taxes on cryptocurrencies.
In fact, the TSAR wants to combine all this with a metaverse. Through Sango, land can be acquired, which requires the provision of the token for a whole decade. The buyer of the property will then also have access to an exact image within the Sango metaverse.
So far, metaverses have each formed their own digital world and thus resemble video games. Sango should also change this trend sustainably. Thus, the only metaverse to date is to be created, which is “covered by reality.”
President Touadera has high ambitions for the project. With the newly collected investments, part of the capital of his country is to become its own crypto city – similar to the Bitcoin City in El Salvador.
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