Central African Republic started selling Sango Coin crypto. In the first 24 hours, approximately 5% of the token supply that was allocated for public sale were sold.
According to the Sango project website, Sango Coin is the central African republic’s national cryptocurrency.
On Monday, the public sale started with 200 million Sango coins available for purchase at $0.10. According to the website the final listing price will reach $0.45
To buy the token, you must have at least $100 in one of the accepted cryptocurrency. These coins include bitcoin, ether and binance. These tokens can be transferred on the Binance Smart Chain and Ethereum ERC-20 networks. Although the project had originally set a minimum $500 requirement for this round, it was not met by any complaints from potential buyers.
As of publication, the Sango project had sold 5.25% tokens. The project has now raised just over $1 million within the first 24 hours after the public sale. The token sale, which will last one year, is expected to bring in more than $1Billion.
Sango Coins purchased during the public sale phase are subject to a one year vesting requirement. Buyers cannot withdraw or transfer tokens until the lockup period has expired.
Faustin Archange Touadera , President of CAR, announced Sango Coin as its national crypto earlier this July. This token will be used in the country’s plans to tokenize its minerals.
As previously reported by The Block, Sango Coin will be running on a bitcoin-sidechain. The sidechain will be similar to Blockstream’s Liquid Network, with a two-way Peg Mechanism with BTC and Sango Coin being the tokens in this peg architecture.
CAR was the first African country and the second worldwide to adopt Bitcoin when it recognised BTC as legal tender.