On July 25, Sango Coin, the national cryptocurrency of the Central African Republic (CAR), launched the Genesis public sale phase. The public sale price at this stage is $0.1, and the minimum participation amount is $500. Up to now, Sango has sold 5.53%.

According to the detailed information on the Sango project website, the total supply of Sango Coin is 21 billion pieces. Excluding the Genesis stage, the token sale is divided into 12 cycles. The cycle time spans 1 year, and the sales price increases sequentially. The final sales price is $0.45. During periods 1 through 12, the minimum participation amount is $100. Users need to hold BTC, ETH, BNB, USDT, USDC, BUSD or DAI, and then register with Sango Platform and obtain KYC certification to qualify for purchase. Additionally, the sale supports the transfer of tokens on the Ethereum ERC-20 and Binance Smart Chain networks, with a one-year lock-up period where buyers cannot withdraw or transfer their tokens until the lock-up period expires. For each sale cycle, including the genesis cycle, unsold Sango Coins will be destroyed.

According to previous news, the Central African Republic announced the adoption of Bitcoin as legal tender in April this year, and plans to start creating Bitcoin on July 3."zero tax"The Crypto Hub plans to use Sango Coin to create a crypto-based economy driven by private investment.

In September 2021, the Bitcoin legalization bill will come into force in the Latin American country of El Salvador. As the second country to officially adopt Bitcoin as legal tender, and the first to launch its own cryptocurrency, how is the Central African Republic different?

First of all, in terms of the distribution of rights and interests to investors, investors in the Central African Republic can buy and pledge 60,000 U.S. dollars in Sango Coin in exchange for citizenship of the country and enjoy citizenship rights, or obtain a three-year "Sango Coin" e-Residency". It is also possible to obtain the country's land property by pledging a fixed collateral of 10,000 US dollars of Sango Coin for 10 years. The specific lock-up cycle and rights and interests can refer to the table below.

Second, according to the Sango Genesis white paper, Sango is deployed on a Bitcoin sidechain, similar to Blockstream's Liquid Network. The main advantage of a sidechain is that it has access to the full liquidity of Bitcoin. This sidechain interacts directly with the Bitcoin main chain and allows users to bridge transactions directly from Sango Coin to the Bitcoin main chain. For example, a user who deposits BTC into a Sango sidechain can mint Sango Bitcoin (s-BTC), a wrapped version of Bitcoin, and the user can then exchange the s-BTC for Sango Coin. The Sango platform will have a built-in automated market maker to handle conversions between s-BTC and Sango Coin. Users who want to get their BTC back can trade Sango Coin back to s-BTC, which can then be burned to get their Bitcoin deposit back.

According to reports, the Sango sidechain will have 21 node validators responsible for facilitating transactions on the network. These validators will be made up of the President, Federal Ministers and members of the National Assembly, among others.

Sango Coin fortune or disaster?

For people in most African countries, they don't like CFA, because CFA franc is used in 14 countries, pegged to euro, printed in France, and its monetary policy is controlled by western developed countries control. The emergence of Bitcoin broke this inequality and became an alternative to digital currency transition in Africa. As the President of the Central African Republic said: "This technology will give identity to the African continent by reducing costs. This vision is perfect and we have no time to wait. For us, the formal economy is no longer an option".

Cryptocurrency adoption in Africa is soaring, with cryptocurrency trading volumes growing by more than 2,500% in 2021, according to a report by KuCoin.

But we don’t yet know exactly what the rate of crypto adoption is in the Central African Republic. Although rich in gold and diamond reserves, the Central African Republic remains one of the poorest countries in the world, with a less diversified economy and a smaller population. As of 2020, the country's GDP per capita is less than $500. And according to relevant data, the country's Internet penetration rate is only slightly higher than 7% of the total population. How to make people accept, understand and adopt cryptocurrency is one of the problems that the Central African Republic has to solve.

Furthermore, all innovative initiatives experience a tortuous development curve. For example, El Salvador, which moved towards cryptocurrency before it, has experienced anti-Bitcoin protest marches one year after adopting Bitcoin, the use rate of Bitcoin wallet Chivo is not high, and some consumers and merchants do not accept encrypted payment methods. , the adoption rate is shrinking in most key indicators, and there is little momentum. Moreover, due to the decline in the price of Bitcoin, it has a great impact on the national finances of El Salvador, and has affected their ability to repay foreign debts. El Salvador's bitcoin experiment has plunged the country's finances into a deeper quagmire.

Of course, this does not represent a failure in the fiatization of cryptocurrencies. There will still be more and more countries on the road to legalize Bitcoin. However, with lessons learned from the past, the road to encryption in the Central African Republic may not be so difficult.