African Bitcoin Adopter’s Cryptocurrency Sale Falls Flat

(Bloomberg) — Sales of the national cryptocurrency of Africa’s first Bitcoin adopter got a lukewarm response this week, as the controversial project got off to a slow start.

By Wednesday afternoon buyers had bought just $1.2 million of $21 million worth of coins for sale by the Central African Republic since Monday, according to the project’s official website. The currency was sold against a minimum deposit of $500 in Bitcoin or Ether.

CAR became the first African country to adopt Bitcoin as legal tender earlier this year. The announcement by the landlocked and poorly-connected country was met with some excitement among crypto enthusiasts and warnings from the International Monetary Fund and the regional central bank.

The wider slump in the crypto market this year doesn’t seem to have deterred the government, which argues that Sango Coin will attract foreign investment and help open up the country’s mining sector.

Foreign direct investment was just over $30 million in 2021, according to World Bank data. 

Many details about the Sango project, such as which technology is being used, whether the price will be fixed or free floating and who’s backing the project, remain scarce. 

CAR plans 12 more Sango Coin sales, according to the project’s website, with the price increasing each time. The country is also offering citizenship for $60,000, with the equivalent in Sango Coin held as a deposit for five years. 

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