PRETORIA, July 18. /TASS/: The Central African Republic will introduce its own cryptocurrency named Sango coin starting July 21, the South African radio station SABC reported Monday citing the republic’s financial authorities.
"The Sango coin will be available starting July 21. The minimal amount to purchase the Sango coin is $500, which will be received in the form of cryptocurrencies, including Bitcoin and Ethereum," according to a statement made by the Central African Republic’s Sango innovative digital project.
The first round of trading will offer 210 mln Sango coins at $0.1 each, the authorities said. Another 12 trading sessions to sell Sango coins are planned in the future, with its price rising each time. A package of investment proposals for using the republic’s new currency is also being formed. For example, a plot of land with an area of 250 square meters is offered for Sango coins at a price equal to $10,000. Sango coins may also be used to acquire the citizenship of the Central African Republic, for which it is necessary to purchase them in the amount of $60,000 and hold a pledge within five years. It is also possible to acquire the republic’s digital residency for up to three years for $6,000. Those who have purchased Sango coins but not used them will be able to get money back in other cryptocurrencies, the management of the Sango project noted.
The republic’s president Faustin-Archange Touadera said in early July the Sango coin would become the Central African Republic’s new-generation currency and an alternative to cash. This will help solve the issue of the country’s financial isolation, increase economic growth rates and ease the access to local projects, including in the commodities sector, for foreign investors.
The parliament of the Central African Republic greenlighted the unfettered circulation of cryptocurrencies in the country, including Bitcoin, in April. In May, President Touadera signed all the required documents, which made the republic the first state in Africa to adopt cryptocurrencies as a domestic payment means.
