The Central African Republic which recently designated Bitcoin as a legal tender will be launching te Sango Coin (equivalent to 0.10 USD) in late July 2022. 210 million Sango Crypto tokens will be on sale.
As per the website and Reuters , those interested in purchasing the Sango Coin will need to fork out a minimum of $500, which can be paid or in Bitcoin or Ethereum.
The coin is powered by the Bitcoin Blockchain, and those buying the coin can become citizens of The Central African Republic.
As stated on the website, “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 is awaiting you.”
As per the initiative, foreign investors will be able to buy citizenship for $60,000 worth of crypto, with the equivalent Sango Coins held as collateral for five years, and “e-residency” for $6,000, held for three years, according to the Sango website.
Token buyers will also be rewarded with a piece of real estate property in the metaverse. The CAR will also give e-residency status to Sango coin investors that lock in their tokens. In addition owners of Sango will be able to buy land from the government, pay taxes and access country’s natural resources.
As per the website the CAR will be utilised to enhance internet and telecommunications infrastructure, and the creation of the Bitcoin national treasure.
