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News

Central African Republic’s Sango Coin Sales Go Live

July 27, 2022 - Around 2 mins mins to read
The Central African Republic Sango Coin, which went on sale on Monday, June 25, has recorded a revenue of just $1.12 million 48 hours after the offering.
Central African Republic’s Sango Coin Sales Go Live

Government CAR launched its digital currency in anticipation of raising around $1 billion from its sales over the next year.

Of the initial $21 million worth of tokens offered for sale, only about $1.12 million were sold on Wednesday, July 27. The slow start of the sale for the token may be possible. is the effect of declining crypto market conditions and the resulting criticism of the Sango project.

Central African Republic’s Sango Coin Sales Go Live

200 million Sango Coins have been sold for $0.1 since Monday. According to the website, the final price for a coin is $0.45.

To participate in the public sale, users must buy a minimum of $100. The system accepts payments in Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI.

Initially, the project specified a minimum for the public round of $500, and it was later adjusted down because many potential buyers complained about this.

Up to the time of writing, the Sango project has sold 5.64% of the tokens, equivalent to more than $1 million in the first 48 hours. The project plans to raise more than $1 billion from the token sale and will last for a year.

Central African Republic’s Sango Coin Sales Go Live

Those who purchase public Sango Coin will be subject to a vesting period of 1 year. Therefore, it is not possible to withdraw or transfer tokens until the lockup period ends.

With the newly launched Sango Coin, the government seeks to use the proceeds of its sale to build a local crypto hub that will become a haven for crypto enthusiasts. in the area. Its metaverse will have a cryptocurrency island with equivalent space in the physical world.

Sango Coin holders are promised more benefits when investing in the project. They can earn an E-Residence permit and become a citizen of CAR by locking the required tokens for a certain period of time. All transactions related to government land sale, taxes, and access to the country’s natural resources can be settled using Sango.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.