Central African Republic Begins Public Sale of Sango Coin
Sango Coin, the national cryptocurrency of the Central African Republic (CAR), has gone on sale, according to information on the website of the Sango project. About 5% of the tokens allocated for public sale were sold in the first 24 hours.
The public sale began on Monday, when 200 million Sango Coin coins were available for purchase at a price of $0.10. According to the website, the final listing price will be $0.45.
People who want to buy a token need at least $100 in one of the most common cryptocurrencies. These are Bitcoin, Ethereum (ETH), Binance Coin (BNB), Tether (USDT), USD Coin (USDC), Binance USD (BUSD) or DAI. The sale supports the transfer of these tokens in the Ethereum ERC-20 and Binance Smart Chain networks. The project has already stipulated a minimum of $500 for participation in this round, but was forced to reduce the entry fee due to complaints from potential buyers.
At the time of publication, the Sango project sold 5.25% of tokens. This means that in the first 24 hours of the public sale, the project raised just over $ 1 million. The project plans to attract more than $ 1 billion from the token sale, which will last one year.
Sango coins purchased at this stage of the public sale must be transferred within one year. Thus, buyers cannot withdraw or transfer their tokens until the blocking period ends.
Earlier in July, the President of the Central African Republic (CAR)Faustin-Arcange Touadera declared Sango Coin the national cryptocurrency of the country. The token will be used as part of the country's plans to tokenize its mineral resources.
As previously reported, Sango Coin will work on the Bitcoin sidechain. It is reported that this network is similar to Blockstream's Liquid Network with a two-way binding mechanism with BTC and Sango Coin as tokens in its architecture.
CAR became the first African country and the second in the world to accept bitcoin when it recognized BTC as legal tender in April.
https://coin-signal.com/cryptonews/central-african-republic-begins-public-sale-of-sango-coin/
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