Sango Coin Launched for Sales by the Central African Republic

Central African Republic launches the sale of its local currency “ Sango Coin” which reach the amount of up to $1.09M only in one day of the initial offering, as the declining market status, as well as criticism on the project, continue. The digital currency project was initiated by the CAR government on 25th June and the aim was to gather nearly $1B from the sales within the impending year.

Sango Coin of CAR Receives Criticism and Decline

From the offered tokens’ first $21M worth, just $1.09M was traded till 26th July. The sluggish beginning of token sales could be efficient at a time when the crypto market is continuously declining. The token’s launch received huge criticism after its substantially decreased trading volume that was witnessed on the date of its launch, as dissatisfaction has been expressed by a few market members over the consequences of the respective move.

The authorities of the country have mentioned that the digital currency project will provide a better future for its financial sector. As per the online investment portal of the Sango Coin, a fluctuation has been witnessed in the other such assets’ prices during the present year. Joseph Edwards – the financial strategy head at a crypto investment company “Solrise” – stated that if a crypto project is not trading its earliest mint that it is an indication of its decline.

IMF and BEAC Condemn Bitcoin Legal Tender of Central African Republic

Not consulting with the worthy stakeholders as well as a deficiency in transparency were referred to as the potential causes behind the project’s downfall. On the contrary, a native crypto investor named “Muna” was of the view that the Sango project is just starting its journey to rise throughout the continent of Africa. The striving Sango project of CAR has turned it into the 1st country within Africa to authorize Bitcoin (BTC) as legal tender by April’s end.

Very similar to El Salvador (the country that legalized Bitcoin tender before CAR), considerable criticism was made by the International Monetary Fund (IMF) on the country for this move and recommended it try some other options. The respective move was categorized by the Bank of Central African States (BEAC) as incompatible with the contracts as well as bonds responsible for administering the Central African Monetary Union.