Sango Is Not A CBDC; Here’s Why You Should Pay Attention to It

By August 4, 2022DeFi
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The Sango Initiative is something that many crypto investors have heard of but have wrongfully dismissed as just another CBDC. The fact that it is government-backed seems to have cemented this thought in the minds of many. However, Sango is so much more than that.

The Sango Initiative comes out of the Central Africa Republic (CAR), a country with vast resources worth more than $3 trillion. This makes the country a hidden gem when it comes to investing, and Sango is a way for the government to bring these opportunities to investors. The country is known for being at the forefront when it comes to digital innovation and transformation in the African continent, and it has now taken another step in this journey.

Why Sango Is Not Another CBDC

The Sango Initiative is actually backed by Bitcoin compared to CBDCs, which are backed by government-issued fiat currencies. It cultivates the decentralization that bitcoin provides alongside the security and power to offer an innovative Layer 2 solution. The Sango ecosystem is a digital monetary system that encompasses all the best parts of crypto. With this, Sango plans to bring about a digital change in the Central African Republic.

It provides a seamless, quick, and inexpensive means of payment, coupled with the ease of use and easy storage that digital currencies are known for. Like any country that adopts a digital payments system, Sango promotes the inclusion of the unbanked population, provides decentralized finance (DeFi) services, and so much more.

This L2 solution built on the Bitcoin network also offers smart contracts and a highly scalable platform. This will enable developers to deploy decentralized applications (DApps) on the platform. It possesses a modular design that carries its own governance, making it a perfect monetary solution for any country.

The Sango Coin

Sango coin is the native cryptocurrency of the Sango Initiative. The token is backed by bitcoin and serves various purposes within the Sango ecosystem and the Central African Republic. The first of these purposes is as a currency.

SANGO coin can be used as a means of exchange in the country. This means that users can buy and sell or pay for services using the token. It provides a faster and more efficient mode of payment compared to traditional banks and a better store of value compared to fiat.

Holding Sango tokens also carry voting rights in the Sango governance system. This way, holders will be able to have a say in what is now known as the largest digital democratic setup. Additionally, Sango tokens are not controlled by the CAR government. The holders maintain 100% ownership over their tokens, unlike a CBDC, which remains in complete control of the central banking authority of the country.

Do More with Sango

Gaining citizenship through investment is a scheme that is present in every country in the world. However, there are currently no countries that offer citizenship through holding a particular cryptocurrency, and that is another way Sango sets itself apart from the rest.

The CAR government has announced that people will be able to purchase real estate in Bangui, known as the Crypto City. 250 square meter plots of land are up for as low as $10,000 locked for 10 years, and they come with ownership of the metaverse counterparts of this land.

With $60,000 in SANGO Coins locked for a period of five years, anyone can apply for citizenship in the Central African Republic. This is an easy and paperless process powered entirely through the Sango ecosystem. This means that you can get a CAR passport to travel the globe just by buying cryptocurrency.

The Central African Republic takes this citizen through cryptocurrency investment one step further by offering an option to entities or individuals who wish to exist as digital entities of the CAR. By locking up $6,000 in SANGO Coins, anyone can get an e-residency in the country that will allow them access to opportunities across various sectors such as healthcare, insurance, and the blossoming fintech industry.

Sango further sweetens the pot with a 0% income tax on all investments. Owners can quickly redeem all their locked SANGO Coins once the lockup period elapses.

The Sango Initiative has redefined what it means to be a government-backed cryptocurrency. It also plans to offer even more incentives to holders, such as access to natural resources, corporate setups, the commerce space, and partnerships.

SANGO Coin has launched its Genesis Cycle, where interested parties can purchase tokens at a discounted price of $0.10 on its website.

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