SANGO Coin Is Defining What It Means To Be A Government-Backed Cryptocurrency
SANGO Coin has burst into the scene this year and is already changing what it means to be a government-backed cryptocurrency. The first-of-its-kind cryptocurrency is bringing all of the power of the bitcoin blockchain to create a digital-first economy that is directly backed by the Central African Republic. The country had previously adopted bitcoin as […]
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The Sango Initiative is something that many crypto investors have heard of but have wrongfully dismissed as just another CBDC. The fact that it is government-backed seems to have cemented this thought in the minds of many. However, Sango is so much more than that. The Sango Initiative comes out of the Central Africa Republic (CAR), a country with vast resources worth more than $3 trillion. This makes the country a hidden gem when it comes to investing, and Sango is a way for the government to bring these opportunities to investors. The country is known for being at the forefront when it....
A constitutional court in the Central African Republic has reportedly ruled that the Touadéra government’s offer of land and citizenship to buyers of the sango coin is unconstitutional. The court said the sango-coin-for-citizenship scheme must be stopped because the country’s “nationality has no market value.”
Offering Land and Minerals to Sango Coin Investors Ruled Unconstitutional
In a ruling likely to derail the Central African Republic (CAR)’s crypto ambitions, a constitutional court has ruled that the government’s plan to offer....
Government-backed digital assets, CBDCs, have been put forward by different countries to implement crypto payments in the country as opposed to using decentralized currencies such as Bitcoin. It is in response to the rapid adoption rate of cryptocurrencies around the world due to their rising value and high returns. The cryptocurrencies did not give governments […]
Cryptocurrency adoption across the globe has been moving slower than most would like, but there is no doubt that there has been a lot being done so far. It started with El Salvador’s adoption of bitcoin as a legal tender, and it has spiraled from there. One thing that is yet to be done is a cryptocurrency backed by a nation. While other countries have gone the path of the Central Bank Digital Currency (CBDC), the Central African Republic has introduced an innovative monetary system to the world. Sango Enters The Picture Sango is a Layer 2 solution that is built on top of the bitcoin....
PRESS RELEASE. Sango, the Central African Republic’s crypto-initiative, has set off a wave of excitement in the crypto space, fuelling curiosity and anticipation. Supported by a comprehensive Legal Framework, Sango will enable the creation of both the digital and physical infrastructure that would aid its development. SANGO will be partially backed by Bitcoin, meaning that will build up on an already existing strong foundation.
What does “backed by Bitcoin” really means?
Let’s set things straight: SANGO, the coin of the Sango sidechain,....