The landlocked African country, Central African Republic (CAR) recently commenced the alignment of strategies to launch its Bitcoin (BTC) investment platform.
According to an email sent to pre-registered customers, the platform dubbed Sango was scheduled to launch on Monday 25th July. Based on information from the Sango official website, the coin is now on sale. The Sango Platform is to serve as a center for crowdfunding, distribution, and community support.
The pre-registered customers were advised to get know-your-customers (KYC) approval to ensure smooth sailing on the platform. The Sango coin was launched alongside the platform amid the ongoing crypto winter. About 210,000,000 units of Sango coins worth $21 million were minted.
To prepare the interested investors for the official sales of the digital coin, all verified users were advised to deposit supporting cryptocurrencies into their wallets. A few of those supporting cryptocurrencies are BTC, Ethereum (ETH), BNB, USDT and many others.
The current price is $0.10 while the final listing price will be pegged at $0.45. Investors will only be allowed to purchase with the already stated supporting cryptocurrencies. Previously, it was stipulated that an investor should have up to $500 to participate. It was later lowered to allow investors with up to $100 worth of the supporting crypto of their choice to enlist.
Ethereum ERC-20 and Binance Smart Chain networks will be utilized for the transfer of these tokens. The token sales are slated to run for one full year where a total of $1 billion will be generated. Already, over $1 million has been generated from 5.25% of the Sango coin barely 24 hours after the launch.
Sango Coin Holders Benefits
Depending on the amount of Sango coins in a user’s possession, foreigners can now acquire citizenship in the Central African Republic. This is possible with a 5-year fixed collateral of $60,000 worth of Sango coins. When the 5 years period elapses, the coins are returned to the user.
Meanwhile, e-residency, a digital form of tenancy can be obtained by locking $6,000 with of Sango coin in fixed collateral for 3 years. Like the previously mentioned agreement, the coins are returned after the specified period.
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