Soon after recognizing legal tender a new coin project appeared in the Central African Republic that seems to be targeting foreign investment.
Cointelegraph sat down in, West Africa with Mamadou Moustapha Ly, the Central African technician who oversaw the development of Sango Coin, to ask about the project’s development. A payments expert, Ly also runs the fintech startup Kete Cash. Ly shed light on the creation of what he called a “token, not a currency,” labeled Sango. Sango is the token that would accompany the country’s plans to adopt Bitcoin as a legal tender.
To compare the two country’s Bitcoin adoption strategies, both countries announced Bitcoin as a legal tender. From that point onward, they diverge. In El Salvador, foreigners could initially buy residency with an investment of 3 BTC, although it was then rescinded. In the, “e-residency can be obtained [...] by locking a fixed collateral of SANGO Coins in the amount of 6000$ for a period of 3 years.
Ly explained that Sango is a “government project.” Money raised through the sale of Sango Coin will be used to buy Bitcoin, which can then be used to acquire the materials necessary for development projects, as well as to pay for labor and other expenses. for these purposes, Ly reiterated that Sango Coin is intended to serve as a token associated with the government project: “It’s not a general-purpose currency.”
“There was no not even a single business that accepted Bitcoin. I gave my guide a tip in Bitcoin. I paid my host in Bitcoin.”
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