Central African Republic (CAR) will start selling Sango coins, a cryptocurrency that the country believes will be worth $21 million in the future.
The sale of 210,000,000 Sango coins is scheduled to start on July 25 and requires a minimum investment of $500 in cryptocurrencies, according to the official Sango website.
CAR describes Sango as a “national digital currency” that is “powered by the bitcoin blockchain.” The war-torn country sees the project as a gateway to its resources by providing the opportunity to avail citizenship.
“Join the digital transformation of the Central African Republic today. Both local and the first Citizenship Program in the Metaverse: a future of endless possibilities are awaiting you.”
states the Sango investment website.
An e-citizenship will also be given out to lockers of the Sango coin along with a piece of land in the Metaverse.
CAR became the first African state to accept Bitcoin as legal tender back in April, raising concerns from the IMF. The move didn’t find many takers, even among Bitcoin supporters, as the country has limited access to internet and low electricity penetration.
“The alternative to cash is cryptocurrency,” President Faustin-Archange Touadera had said in a promotional event for Sango.
“The citizens will gain at every level, they will live in a country in full economic development, which means employment and prosperity. Moreover, they will benefit from virtual transactions which, in contrast to traditional banking, have the advantage of rapid access, fast execution, lack of bureaucracy, and low cost… For us, the formal economy is no longer an option”
The President also emphasized that the Sango coin will complement Project Sango, which has a vision to improve the country’s capital markets and banking system by increasing financial inclusion.