It appears that the sales of the token of the Central African Republic are off to a slow start, as out of the total 210 million Sango coins, only 13 million have been sold so far.
The sale of the coins had begun on July 25th. According to the country, its decision of bitcoin adoption has earned it praise from other African nations who are also looking into adopting a similar system.
Slow sales
The Sango crypto token was developed by the Central African Republic (CAR) and its sales began on July 25th.
But, reports indicate that they are going out very slowly, as only 13 million coins have been sold till now. The initial selling price of the coin is $0.10.
This means that an amount of $1.26 million has already been raised by CAR since the sales of the token kicked off.
Previous reports had indicated that investors who want to get a share of the 210 million Sango tokens would have to spend $500.
Bitcoin or Ethereum can also be used by prospective buyers for making their payments.
Coin details
There have not been many details about the sale of the crypto coin, nor any about the technology that anchors it.
In order to clear up these concerns, the team behind the crypto token disclosed that the CAR’s Sango token has been backed by Bitcoin (BTC).
The CAR team disclosed that the Sango sidechain’s toke, which has been named SANGO, will receive fractional backing from Bitcoin.
Simply put, this means that there will be a bitcoin reserve fund that will be added to the Central African Republic Treasury.
Therefore, thanks to its bitcoin backing, Sango will be able to operate within the ecosystem with wrapped Bitcoin as well.
De-pegging risk
The CAR’s leadership also said that bitcoin was a great solution when it comes to a store of value, as it enables citizens to democratize currency and money.
According to the press release, the benefit of using bitcoin is that there is no risk of de-pegging, which differentiates the SANGO token from central bank digital currencies (CBDCs) and stablecoins.
This allows the monetary problems to be avoided. In addition, it also offers the benefit of part decentralization.
The Sango team also acknowledged in a press statement that there had been some backlash directed towards CAR about their decision to declare bitcoin as legal tender.
But, the report went on to say that doing so had helped CAR in garnering the attention of prominent figures in the crypto space, such as Michael Saylor and Changpeng Zhao.
The former is the CEO of Grayscale Investments, while the latter is the chief executive of the Binance crypto exchange, the world’s largest exchange due to its trading volume.
The statement also asserted that other African countries were also full of praise of CAR for adopting Bitcoin as legal tender and were considering doing the same.
But, it should be noted that the statement does not mention any names of the countries.
