Top Cryptocurrency News: CAR Token Sale off to Slow Start $1.26 Million Raised in 5 Days

31-Jul-2022 By: Anirudh Trivedi

The Central African Republic's token sale looked to be off to a slow start, with less than 13 million of the 210 million Sango tokens sold since the sale began on July 25.

The sale of the Central African Republic's (CAR) Sango crypto token, which began on July 25, is said to have started slowly, with just under 13 million coins sold to date. With an initial selling price of $0.10 per coin, the CAR has raised approximately $1.26 million since the beginning of the sale, according to a website tracking the token sale.

As CoinGabbar earlier reported, investors who want to get their hands on one of the 210 million Sango coins on offer must pay a minimum of $500. Prospective buyers can make payments in BTC or ETH.

While details about the coin sale and the technology utilized to underpin the cryptocurrency remain hazy, a press release issued by the project's promotion team sought to address these and other concerns. The CAR team begins the statement by addressing reports that the Sango token is backed by bitcoin. The CAR team said:

“SANGO, the Sango sidechain coin, will be fractionally backed by Bitcoin, which means that the Central African Republic Treasury will function as a Bitcoin reserve fund.”

As a result of being backed by bitcoin, “Sango will be able to function in the Sango ecosystem using wrapped Bitcoin (s-BTC).”

According to the CAR's leadership, bitcoin is an ideal alternative for a digital store of value, allowing citizens to democratize money and currency. According to the press release, benefits include partial decentralization and no risks of de-pegs, distinguishing SANGO from stablecoins and CBDCs, and assuring that present monetary difficulties will be surpassed.

The Sango team acknowledges in the press release that the CAR has faced criticism for its decision to declare bitcoin legal tender. However, the team stated in the press release that the move has piqued the interest of key players in the cryptocurrency industry such as Changpeng Zhao and Michael Saylor.

According to the statement, several African nations considering adopting a similar system have applauded the CAR as well. However, the statement does not name the countries mentioned.

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