The Central African Republic’s Sango project is slowly taking shape, while the country has started selling the token to the public. This will allow people to acquire Central African citizenship, but also to buy plots of land in the future cryptocurrency district of Bangui, the capital.
The public sale of the Sango Coin is open
The Central African Republic, which has been known for its openness to cryptocurrencies for the past few months, launched the Sango Coin sale this week.
Thus, the Sango project, which we have already talked about several times, seems to take shape little by little. This sale is taking place in 13 cycles and for the moment, phase 0 having just started for one month has put 210 million tokens on the market.
The starting price is $0.10 and will rise to $0.37. In total, the Sango Coin is expected to sell 4.2 billion units and each cycle will require tokens to be locked up for a year.
At the time of writing, 11.6 million tokens have so far been sold.
A token with multiple features
The purpose of selling Sango Coin is to fund crypto projects in the Central African Republic. For example, from the next phase, it will be possible to use its tokens to acquire the citizenship of the country.
This will cost $60,000 worth of Sango Coin, which will be locked for five years. A Central African passport will be issued, and investors will receive a tax exemption on their cryptocurrency earnings.
An “e-residency” program is also coming by locking in $6,000 for 3 years. While the “e-Residency” does not confer citizenship, it too offers the tax advantage and simplifies the administrative process for players wishing to get involved in the Sango project.
In the same vein, 10,000 dollars of investment, locked in for 10 years, will allow the acquisition of 250 square meters of land in the future district dedicated to cryptos in Bangui, the country’s capital. The equivalent of this land will also be represented in a future metaverse.
While everything is still to be built and it is not yet clear whether Sango will be a success or a failure, it is important to recognize the unprecedented nature of this initiative, especially coming from a government.
