The Central African Republic (CAR) opened the public sale of its national cryptocurrency, SANGO.
Genesis Cycle is live! Now you can buy your #SANGO Coins at the Genesis price: $0.10.
Secure your spot and invest as soon as possible. There are only 210,000,000 SANGO Coins remaining and the Genesis Cycle lasts 1 month.
Invest now: https://t.co/GEtReNQBad
— Sango (@sangoproject) July 25, 2022
The Genesis Cycle phase will last one month. During this period investors have access to 210 million coins at a price of $0.10. The listing price for the asset is set at $0.45.
As of writing, buyers had purchased about 21,700 SANGO, or around 1% of the total supply.
The coin is issued on the Bitcoin sidechain. SANGO can be acquired with BTC, ETH, BNB and stablecoins USDT, USDC, BUSD and DAI on the BNB Chain and Ethereum networks.
During the Genesis Cycle, the minimum purchase is $500. For investors at this stage, a lock-up period is set — they will not be able to move the asset for a year.
There will then be 12 more cycles of monthly token sales. The price for these cycles is set at $0.15, but the minimum order size is reduced to $100.
At the end of June, the CAR authorities announced the Sango initiative, aimed at promoting the country’s entry into the digital assets industry.
On July 3, President Faustin-Archange Touadéra presented the national cryptocurrency and a programme that envisages the creation of a crypto hub, the tokenisation of natural resources and the digitalisation of the economy based on blockchain technology.
According to the government, SANGO is backed by Bitcoin.
In April, the CAR confirmed the first cryptocurrency as a means of payment on a par with the local franc.
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