The trade of the Central African Republic’s (CAR) Sango crypto token, which began on July 25, has allegedly started, with slightly under 13 million coins delivered to date. With the original sale value set at $0.10 per coin, CAR has already raised nearly $1.26 million since the start of the sale. Investors who want a piece of the 210 million Sango coins on offer must pay a minimum of $500. Potential buyers can make payments in BTC or ETH. While information concerning the coin sale and the technology utilized to underpin the cryptocurrency remains 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 allegations that the Sango token is backed by bitcoin. According to the CAR team: “SANGO, the coin of the Sango sidechain, will be fractionally backed by Bitcoin, which in simple terms means that the Central African Republic Treasury will consist of a Bitcoin reserve fund.” Sango Resistant to De-Pegging Risk Bitcoin is an “ideal alternative for an electronic store of value, allowing the people to democratize money and currency,” according to the CAR’s leadership. According to the press release, “features include partial decentralization and no possibility of de-pegs, distinguishing SANGO from stablecoins and CBDCs, and assuring that existing monetary difficulties will be overcome.” The Sango team acknowledges in the news release that ...
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