Ines AissaniIn April 2022, the Central African Republic (CAR) became the first African country to accept bitcoin as legal tender. This decision is based on the State's desire to also acquire its own state cryptocurrency: Sango.
Furthermore, Sango (or Sangho) is also the name of the vehicular language in the Central African Republic and Congo. From now on, the Sango currency will also be the national digital currency at the heart of the new monetary system implemented by the Central African Republic.
It should be noted that the Sango cryptocurrency will be able to circulate in parallel with bitcoin and the CFA franc. These three currencies will therefore be officially recognized by the State.
Ultimately, crypto blood should be the country's predominant currency.
What are the advantages of buying sango coin?
The Sango project was designed as a multi-dimensional project. The Sango token will thus have several functions and uses in addition to being a national currency. Businesses will accept Sango as a means of payment and taxes can also be paid in Sango (and bitcoin).
However, investing in Sango will provide many benefits to investors. To access certain services and goods, they will then have to lock tokens for a certain period of time. Likewise, they will have to purchase a certain amount of tokens for each desired service.
Here is the capture below of the number of sangos to have and the locking period to operate to qualify for each type of service.
Here is the amount required as well as the lock-in period necessary to benefit from the services:
- To obtain Central African nationality: The investor must have an amount equivalent to $60 and lock it in for a period of 000 years.
- To obtain e-residency: E-residency can be obtained for the equivalent of $6000 in SANGO and with a lock-in period of 3 years. This will provide a tax-free environment for activities related to cryptocurrency.
- To obtain real estate ownership : The amount is not disclosed at the moment but the lock-in period is 10 years. After this period, the investor will be able to purchase a real estate plot from the Sango project. The available plots will be located in the residential area of “Crypto City”.
How will the Sango token sale take place?
The country will hold the public token sale on July 25. This purchase is considered more as an investment and is accessible to all people around the world (and not just citizens of the Central African Republic). Investors will be able - depending on a certain amount invested - to subsequently request e-citizenship in the country.
The CAR describes Sango as the first digital currency system “powered by the bitcoin blockchain.” Indeed, the tango token will be supported by a dedicated bitcoin reserve.
The public sale of Sango tokens will officially begin on July 25. There will be 210 million sango tokens put up for sale. The sale only during the so-called "genesis" period. This will start from July 24 and end on August 24, 2022. There will be a total of 8 sales cycles to participate in other sango projects.
The initial sale price of the token will be $0.1. For the next cycles, the token will be sold at a higher price to reach $0,45 in the next cycles.
The sale will take place on the official Sango website which you can access here.
How to buy Sango tokens:
➡️ First, you will need to register on the official Sango website.
➡️ Then, the investor will have to pay the equivalent of $500 in cryptocurrency. He can do this with bitcoin (BTC) or ether (ETH). Before the public sale, the investor must therefore own BTC or ETH.
➡️ You will need to bring your identity document (passport, ID or driving license) and a smartphone. The KYC verification is done on a smartphone or you will have to take a photo of your ID and take a selfie. You will then have to wait for the validation of your KYC. This may take a few minutes to a few hours.
➡️ Once your identity is validated, you will receive a confirmation email. You can then open your wallet. It is a crypto wallet where you can deposit different cryptocurrencies including BTC, ETH, BUSD, DAI, USDC, USDT and BNB.
➡️ Once you have made your deposit of $500 in crypto, you will be able to buy SANGO coin from July 25. Remember that to avoid price fluctuations, you can also deposit stablecoins like USDC or USDT.
What is the end goal of the Sango initiative?
Basically, the end goal of the Sango initiative is to transform the current traditional economy into a digital economy based on blockchain technology. As such, remember that the Sango coin is created and powered by its own blockchain, which is a sidechain (layer 2) of the Bitcoin blockchain.
The idea of Sango is part of a macro-economic renewal of the country. Both to emancipate itself from the CFA franc and regain monetary sovereignty, the Sango seems to be the basis of this Central African revival. This wants to be part of a profound digital transformation of the country.
On the Sango website, it says that Sango's goal is to find funding to improve Internet accessibility for the local population. Thus, the funds will be used further to improve the country's telecommunication infrastructure.
In a logic of creating a virtuous circle, this same investment in telecommunications and internet will also make it possible to create more jobs in the sector of web3.
Read the article : Why web3 will improve our living conditions.
What is Crypto City and Crypto Island?
In this sense, the Sango project feeds into the more global project of creating a real bitcoin hub in Central Africa. This hub is called "Crypto City" and is similar, in some respects, to the "Bitcoin City" project in El Salvador.
In fact, the “Crypto City” will be an extension of the capital Bangui. There will also be “Crypto Island” located on the Ubangi River (on the outskirts of the current capital). Crypto City will host 25 new homes. There will also be 000 m30 of commercial buildings for retail traders. The idea is to build a sustainable and green city, with the most advanced (and ecological) technologies.
An economic renewal for the Central African Republic?
The Sango project has significant economic ambitions to open up the country. With the token sale open to all investors around the world, the CAR shows its desire to attract foreign capital. Moreover, the fact of offering Central African e-residency for Tech companies is indicative of this policy of pan-African and international openness.
Therefore, in addition to using the cryptocurrency to become citizens of the CAR, Sango coin buyers will also be able to use it to purchase land from the government, pay taxes, and participate in resource financing (and yields). natural resources of the country.
It should be noted that the CAR, a landlocked country in the heart of Africa, has an economic environment marked by instability. Repeated military-political crises profoundly affect the country. The impoverishment of a large part of the population is fueled by multiple armed conflicts. The weak economy, weakened by conflicts, is compounded by a climate of widespread insecurity throughout the country.
In this perspective, the SANGO project gives certain hope to the population. The country shows its desire to embrace modernity. The CAR is embarking on a major project which could well revive the national economy.
Frequently asked questions about the SANGO coin
What is the Sango Blockchain?
The Sango Blockchain is a Bitcoin sidechain, that is to say it is an additional layer implemented on the Bitcoin network. This is a solution Layer-2, similar to Liquid Network with Bitcoin interoperability included. Thus, the Sango blockchain will benefit from the security of Bitcoin.
Creating Sango coin on a Bitcoin sidechain is very relevant for daily use with multiple transactions of the Sango token. This would not have been possible with the Bitcoin main network. This supports 5 to 7 transactions per second. This is clearly insufficient for the intended use of Sango. Thus, this obstacle is removed by instead using a parallel layer on the network, a layer 2 therefore.
Likewise, by creating an additional layer, Sango blockchain gains better scalability, the possibility of creating smart contracts and faster and more transaction speeds.
What is the tokenization of the Central African Republic’s natural resources?
This is the most innovative part of the project. The tokenization of the country's natural resources will allow transparent access to exploited resources. Thus, investors from around the world could participate and invest in key projects linked to the country's resources. Citizens of the Central African Republic would have a precise and detailed view of the finances linked to resources.
Remember that the Central African Republic has many natural resources: gold, uranium and diamond mines. The country also has oil and hydroelectric power which are not currently exploited.
The advantages of resource tokenization are numerous. This would allow the country to access private financing more easily. This makes resource management democratic and transparent. All transactions are recorded in the blockchain. Everyone will be able to carry out audits, unlike what currently happens with an opaque view of this type of data.
What is the Sango Metaverse?
A Sango metaverse will be created with a 1:1 scale of the territory of Crypto City and Crypto Island. These two cities will have their digital replicas. The idea is to create a bridge between the real and virtual world. The metaverse will, among other things, allow you to visualize real-life buildings and try new digital experiences.
What are the advantages of buying and investing in Sango Coin?
The initial list of benefits offered by the Central African Republic to SANGO holders are: citizenship program, e-residency program, land ownership acquisition, all of which can be obtained by locking SANGO coins for a predefined duration.
What are the Sango crypto sales cycles?
There are 12 sales cycles in total, from cycle 1 to cycle 12, spanning a period of one year, starting on August 25, 2022 and ending on August 25, 2023.
What are the first use cases for SANGO?
What is the minimum amount to participate in the token sale?
The minimum amount of SANGO coins that can be purchased during the Genesis cycle is $500 (US$500) cryptocurrency equivalent. During sales cycles from cycle 1 to cycle 12, the minimum SANGO coin amount is $100 in cryptocurrency.
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