Sango – The First Digital Monetary System Built on 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,....
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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....
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....
The move comes one month after the CAR rolled out the new incentive to boost crypto innovation in the country. According to Reuters, the Constitutional Court of the Central African Republic (CAR) said on Monday that the purchase of citizenship, e-residency and land using its government-backed Sango digital currency is unconstitutional because a nationality has no market value. Earlier in July, the CAR unveiled its Sango crypto hub to attract global crypto talent and enthusiasts, boost Bitcoin (BTC) adoption and implement new crypto regulatory frameworks. The Sango blockchain is built on....
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....
The sale of the Central African Republic (CAR)’s 210,000,000 Sango coins is set to begin on July 25 and participating investors will have to buy tokens worth at least $500. In return for buying and locking in the Sango coins, investors will gain citizenship and a piece of real estate property as well as a location in the metaverse.
First Digital Monetary System
The Central African Republic (CAR), the only African country to designate bitcoin legal tender, will begin selling the Sango coin for an equivalent of $0.10 starting July 25. However, another report says the sale....