The Central African Republic’s Sango coin, which began trading on Monday, June 25, posted just $1.09 million in sales after 24 hours of the offering.
The CAR government launched its digital currency with a projection of raising around $1 billion from its sales over the next year. Of the initial $21 million worth of tokens offered for sale, only about $1.09 million had been sold as of Tuesday, July 26. The slow start of token sales could be an effect of declining crypto market conditions and criticism following the Sango project.
Mixed Reactions Trail Token Launch
Following the low trading volume experienced on the launch date, some market participants have expressed discontent at the turn of events. They cited lack of transparency and lack of consultation with appropriate stakeholders as possible reasons for low uptake.
Solrise’s Head of Financial Strategy, Joseph Edwards, commented:
“A crypto project that doesn’t sell its initial mint is a bad sign,”
On the other hand, some investors are betting on the project due to the promise of tokenizing its mineral resources. A local crypto investor, Muna, said:
“Sango is the beginning of the rise of the African continent”,
CAR and the ambitious “Sango Project”
CAR became the first African country to legalize Bitcoin as legal tender on April 27, 2022. Like its predecessor, El Salvador, the International Monetary Fund (IMF) criticized the move and advised the country to consider other options. . Opposing the move, the Bank of Central African States described it as “incompatible with the agreements and conventions that govern the Central African Monetary Union.”
Undaunted by the criticism, CAR followed up its Bitcoin adoption bill with the launch of Sango, a Bitcoin sidechain created to power a digital monetary system that will drive cryptocurrency adoption in the country. Under the plan, the country’s natural resources will be tokenized on the Sango blockchain.
With the newly launched Sango Coin, the government is looking to use the proceeds from its sale to build a local crypto hub that will become a haven for crypto enthusiasts in the region. Your metaverse will host a crypto island that will have an equivalent space in the physical world.
Sango coin holders are promised more benefits for investing in the project. They can obtain an electronic residence permit and become a citizen of the Central African Republic by saving the required tokens for a specified period. Transactions related to the sale of government land, taxes, and access to the country’s natural resources can be settled with the Sango coin.
Obtain a Edge in the Cryptomarket 👇
Become a member of CryptoSlate Edge and get access to our exclusive Discord community, plus exclusive content and analysis.
Join now for $19/month Explore all the benefits
This post Central African Republic Sango Coin Sales Pick Up, Records Just $1.09 Million in 24 Hours
was published first on https://cryptoslate.com/central-african-republics-sango-coin-sales-go-live-records-only-1-09-million-in-24-hours/