The Sango Coin will go on sale beginning this Thursday, July 21, 2022. Its developers from the Central African Republic, where this crypto-asset hails from, described their creation as a national virtual currency.
We want to keep our readers updated regarding the new cryptocurrencies launched in the virtual asset market.
We think this report about the newly launched Sango Coin cryptocurrency is relevant for them, so we are sharing it on our portal.
According to the report posted online by Indian news outlet NDTV.com, the Sango Coin’s developers declared last Friday, July 15, that they would commence selling their cryptocurrency this week.
Two hundred ten million Sango Coins are on offer this week. Additionally, the Sango Coin will have a trading price of US$0.10 apiece and will be worth US$21 million.
The Central African Republic’s Sango investment website detailed that a minimum investment of US$500 will be paid in virtual currencies, including Ethereum and Bitcoin.
It also proclaimed that there would be 12 more token sales with the trading price increasing each time.
The Sango investment platform’s conditions and terms indicate that the unused Sango Coins cannot be refunded and converted into other virtual currencies.
Foreign investors can purchase citizenship for US$60,000 worth of crypto-assets in the Central African Republic’s initiative. The equivalent Sango Coins are held as collateral for five years.
Furthermore, “e-residency” is for sale with the price tag of US$6,000 and held for three years, per the Sango website. A 250-meter square plot of land is for sale at US$10,000.
The Sango Coins are locked away for one decade. At the time of writing this news, the Sango Coin developers have not yet explained if these options will also be on sale this week.
More information is also yet to be released regarding the newly launched virtual asset’s technology, the firms supporting the roll-out, and if this new token’s trading price will be fixed or free-floating.
Faustin-Archange Touadéra is the Central African Republic’s incumbent president. Earlier this month, he spoke at an online gathering, marketing the Sango Coin cryptocurrency project.
Touadéra remarked that the formal economy for them is not an option anymore. We want to congratulate the developers of Sango Coin.
We think they made a wise decision to concoct and launch a new virtual asset despite the wider cryptocurrency market rout and skepticism over this crypto-asset project’s feasibility in a war-torn and poorly connected African country.
After all, we believe that despite these obstacles, cryptocurrencies have an inevitable place in the financial world which is moving towards digitalization and away from physical forms.
Furthermore, we want to express our gladness for the present Central African Republic government’s eagerness for its cryptocurrency scheme.
We understand that this administration’s enthusiasm for the Sango Coin and its cryptocurrency arrangement has remained despite the doubts and the so-called “cryptocurrency winter.” We certainly think this development is favorable.