More than 2 million coins have now been sold to investors since the Central African Republic (CAR) opened its national cryptocurrency for sale.
As we can see from the Sango platform website above, 196,937,143 coins are remaining now out of 199,128,952 that were put up for sale on July 25 2022, which means that about 2,191,809 coins have been acquired.
The Sango cryptocurrency sale went live under what is referred to us the Genesis cycle, wherein investors can buy with a minimum of $500 worth of assets, including ETH and BTC, for the chance to get key benefits from the government.
The total coins created were 210,000,000, but only 199,128,952 were available when the genesis cycle launched. In this case, it means that 13,062,857 coins have been acquired, as the government looks to take advantage of crypto technology to transform its financial system as well as economic situation.
Some of the benefits that customers stand to get include:
- Citizenship program
- e-Residency program
- Land property acquisition
According to the Sango platform, investors will however need to stake their investments for a prescribed period of time, as outlined below:
- 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 worth $10,000, with the Sango Coins locked away for a decade
In a press release, Central African Republic said:
“Sango is the coin of the Sango sidechain, and will be fractionally backed by Bitcoin which, in simple terms, means that the Central African Republic Treasury will consist of a Bitcoin reserve fund.”
– Central African Republic
Moreover, CAR said that citizens will be endowed with democratic control over the new digital monetary system, needing nothing more than a smartphone to make instant payments and receive money securely, finally removing the need of a traditional banking sector.