CARs token sale experiencing low demand after just over $1 Million raised under 7 days

By: Henry Felix

August 1, 2022 1:41 PM

Central African Republic’s (CAR)'s token sale seems to have gotten to a slow start after just less than 13 million out of the 210 million Sango coins issued were sold since the start of the sale on July 25.

Meanwhile, the country has claimed its decision to adopt bitcoin (BTC) has won praise from other African countries exploring the possibilities of adopting a similar system as well as top crypto industry founders.

Just Over $1 Million Raised Since the Launch of its Token Sale

The Central African Republic (CAR)’s Sango crypto token sale, was launched on July 25, and according to various reports has started off slowly with just under 13 million coins having been sold at the time of writing. The initial opening price is set at $0.10 per coin, which means that CAR has now raised approximately $1.26 million since the start of the sale as recorded by a website tracking the Sango token sale.

As previously reported by Coinnewsafrica, the minimum purchase for investors who are willing to have a share of the 210 million Sango coins on offer would have to purchase with a minimum of $500, and could pay with BTC or ETH.

While details about the coin sale as well as the technology used to anchor the crypto token still remain questionable, a press statement released by a team behind the project promotion appeared to address these and other related concerns. In the statement, the CAR team starts by addressing reports that the Sango coin is fractionally backed by bitcoin. The team said:

SANGO, the coin of the Sango sidechain, will be fractionally backed by Bitcoin, which in simple terms means that the Central African Republic Treasury will consist of a Bitcoin reserve fund. and being backed by bitcoin, therefore, means “Sango will be able to operate with wrapped Bitcoin (s-BTC) in the Sango ecosystem.”

Benefits of Sango

The CAR's leadership reveals saying, bitcoin is an “optimal solution for a digital store of value, allowing CAR's citizens to democratize money and currency.” The press release also talks more on the benefits of Sango coin, “benefits include, partial decentralization and no risks of de-pegs, differentiating SANGO from stablecoins and CBDCs and ensuring that current monetary problems will be surpassed.”

The Sango team also mentioned in the statement and acknowledges that while the CAR has received a backlash over its decision to make bitcoin legal tender. However, the Sango team claimed the move has attracted the attention of leading figures in the crypto industry such as the founder of Binance, Changpeng Zhao popularly known as 'CZ' and MicroStrategy CEO Michael Saylor. it also claimed in the statement that other African countries are exploring possibilities of similar system to that of Sango. although, no names were mentioned in the statement.