Sango Coin, which is the official cryptocurrency for the Central African Republic, is now available for purchase on the Sango Investment Platform.
This comes few weeks after the Investment Platform let investors deposit a basket of cryptocurrencies for investment, including BTC, ETH, and BNB.
In an email sent to prospective investors, Sango urged people to buy the coins quickly because they were limited.
“There are only 199,128,952 SANGO Coins remaining and the Genesis Cycle lasts 30 days.”
According to the people behind the project, SANGO is the coin issued on the Sango blockchain, situated at the epicenter of the entire ecosystem. It represents the relationship with the Central African Republic State, and all interactions with the State or blockchain are performed through SANGO.
Investors will be required to hold a minimum investment of $500 in Sango Coins to be paid in cryptocurrencies, including bitcoin and ethereum.
Sango is a multi-dimensional asset used for:
- Transfer of value
Explaining the difference between Sango and FIAT, the defines itself this way:
“SANGO will be fractionally backed by Bitcoin that is known as the 21st century store of value – ‘digital gold.’
As Fiat currencies such as US Dollars were previously backed by gold, the Central African Republic believes their National Digital Currency, SANGO, should be backed by BTC, putting Bitcoin in the position of ‘digital gold.'”
The cryptocurrency, backed by bitcoin reserves, is supported by the Sango blockchain, which is said to be a sidechain, a Layer-2 solution similar to the Liquid Network with built-in operability.
The Sango Blockchain is being built on top of Bitcoin, enhancing it with smart contracts functionality, fast transactions, and a privacy layer. Sango project has built a sidechain over using bitcoin and its blockchain because it would not have the capacity to handle millions of users transacting, to just highlight one of the reasons.
The platform highlights the initial list of benefits offered by the Central African Republic for SANGO holders as the following:
- Citizenship Program
- e-Residency Program
- Land Property acquisition
The above benefits are obtainable by locking Sango Coins for a predefined amount of time.
For example, this is what you get when you a certain amount of Sango Coins:
- Foreign investors will be able to buy citizenship for $60,000 worth of crypto, with the equivalent Sango Coins held as collateral for 5 years
- e-Residency will be available for $6,000 held for 3 years
- A 250-metre square plot of land is listed as $10,000, with the Sango Coins locked away for a decade
210 million Sango Coins are on offer priced at $0.10 each.