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In April, the Central African Republic, which has limited access to power and the internet, became the first African government to recognize bitcoin as legal cash, raising questions among many cryptocurrency specialists and prompting the International Monetary Fund to issue a warning.
CAR became the first nation in Africa to accept bitcoin (BTC) as legal cash. According to the nation, it intends to tokenize its vast mineral resources using the SANGO digital currency.
The market for cryptocurrencies is still in its early stages, and bitcoin has fallen by almost 55% so far this year. Prices rose dramatically in 2020 and 2021, but have since dropped precipitously as investors have avoided riskier investments.
The Sango Platform will launch in the Central African Republic (CAR) on July 25, according to an email sent to customers who had already pre-registered for the nation’s cryptocurrency initiative and obtained by The Block.
The email claims that the Sango Platform would act as a focal point for community support, distribution, and crowdfunding initiatives.
The CAR government is working on a national cryptocurrency initiative called Sango, with Sango Coin (SANGO) serving as the ecosystem’s primary unit of exchange. The total quantity of SANGO coins is 21 billion.
About Sango chain
According to the white paper for Sango Genesis, which was just released, Sango will operate as a private sidechain for bitcoin, much to Blockstream’s Liquid Network.
The document states that instead of settling transactions directly on the bitcoin network, Sango will function best as a digital currency if it is built as a sidechain for bitcoin.
According to reports, a two-way peg mechanism will enable built-in Bitcoin connectivity in the Sango Layer 2. In this setup, CAR’s bitcoin treasury will be in the care of a group of validators known as the Institutional Quorum.
Users that deposit bitcoin (BTC) onto the Sango sidechain will create wrapped bitcoin known as Sango bitcoin (s-BTC). Users may exchange their s-BTC for SANGO, the national cryptocurrency platform’s official currency.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
