The Central African Republic token sale appears to be off to a slow start, with less than 13 million of the 210 million coral coins sold since the July 25 launch. The country claims that its decision to adopt Bitcoin has earned it praise from “other African countries exploring the possibility of adopting a similar system.”
Since the start of the token sale, just over $1.2 million has been raised
The Central African Republic (CAR) coral crypto token sale, which began on July 25, reported a slow start with just under 13 million coins sold to date. With the initial sale price set at $0.10 per coin, CAR has now raised about $1.26 million since the sale began, thewebsitewhich tracks the token sale indicates.
As Bitcoin.com News previously reported, investors who want to get a share of the 210 million coral coins being offered must fork out a minimum of $500. Prospective buyers can pay using, BTCor, ETH, or
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Details about the technology used to fix the crypto tokens as well as the sale of the coins remain opaque, but a press statement released by the team behind the project appeared to address these and other concerns. In the statement, the CAR team begins by addressing reports that the Sango coin is backed by Bitcoin; the CAR team states, “The Sango coin is a cryptocurrency that will be used for the sale of crypto tokens, and the Sango coin is a bitcoin.
Sango, the coin of the Sango sidechain, is partially backed by Bitcoin, which simply means that the Treasury of the Central African Republic is composed of Bitcoin reserves.
Being backed by Bitcoin therefore means that “Sango will be able to operate with Bitcoin (s-BTC) wrapped in the Sango ecosystem.”
Sango is immune to depegging risk
According to CAR leadership, Bitcoin is “the best solution for digital value storage, enabling citizens to democratize money and currency.” The company states. The press release also states, “Advantages include partial decentralization and no risk of de-pegging, differentiating SANGO from stablecoin and CBDC and ensuring that current currency problems are surpassed.” He stated.
In the press statement, the Sango team acknowledges that while CAR has received backlash for its decision to make bitcoin legal tender. However, in the press release, the team claims that the move has caught the attention of key figures in the crypto industry, including Changpeng Zhao and Michael Saylor.
The statement also claims that CAR has also been praised by “other African countries that are exploring the possibility of adopting similar systems.” The statement, however, does not reveal the names of said countries.
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