By Michael Scott
The official communication by the Central African Republic (CAR) admitted the delay in the Sango listing, citing the unfavorable market conditions. Although the first jurisdiction in the African continent to consider bitcoin (BTC) as a legal tender, CAR attributed the postponement to the scheduled listing coinciding with the holiday season.
CAR’s Objective in the Investor-Oriented Token
Beyond the downturn confronting the global crypto industry, CAR appears to battle several hindrances in its attempt to launch an investor-oriented token. CAR projected to raise $1 billion a year when launching the Sango Coin in July.
Today the token’s website indicates underperformance as the proceeds from the Sango Coin sales is valued at a meager 1.66 million.
In his address during the Sango Coin launch, CAR’s President Faustin-Archange Touadéra portrayed the token as a national crypto. He emphasized that Sango Coin would expedite CAR’s efforts to tokenize the mineral resources.
Sango Coin targeted to sell over 200 million to the public, with each token exchanging at $0.10. Besides, the initial investors were offered a 5% return on the tokens held during the listing.
Speakers at its launch indicated Sang Coin was running on the bitcoin sidechain. The approach mirrored Blockstream’s Liquid Network. As such, it adopted the two-way peg architecture featuring BTC and Sangp Coin.
A review of CAR’s journey in the crypto ecosystem shows the April 2022 decision where Bitcoin (BTC) became a legal tender. The decision to replicate the September 2021 decision by El Salvador to make BTC a legal tender is surprising. In particular, CAR suffers limited access to the internet and electricity connectivity needed to support a vibrant token ecosystem.
The war-torn country had earlier outlined plans to confer citizenship to foreign investors through a $60000 payment of Sango Coins. Sango Coin was designed to feature attractive incentives targeting foreign investors. Besides citizenship via investment, it offered governance advantages.
Sango Coin Underperformance
The update conveyed via the Sango Telegram feed was non-committal on the release date. Today, holders of Sango Coin cannot dispose of 5% of the token’s value that has remained locked for 12 months.
A review of the data displayed on the Sango website shows that the value of the investor-oriented token realized 7.9% of the initial sales target. In addition, the second sale performed dismally at 0.01%.
Sango Coin’s design mirrors El Salvador’s volcano bonds portrayed to expedite foreign investment service. Recently, the initiative suffered a setback in August when CAR’s apex court ruled it unconstitutional.
The latest development to delay listing triggers uncertainty in CAR becoming a crypto hub as the President Touadéra-led government desires.
Editorial credit: Casablanca/shutterstock.com
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