Cryptos

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

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The Sango initiative is something many crypto investors have heard of, but mistakenly dismissed as just another CBDC. The fact that it is backed by the government seems to have cemented this thought in the minds of many. However, Sango is much more than that.

The Sango Initiative comes from the Central African Republic (CAR), a country endowed with vast resources worth over $3 trillion. This makes the country a hidden investment gem, and Sango is a way for the government to provide these opportunities to investors. The country is known for being at the forefront of digital innovation and transformation on the African continent, and it has now taken another step in that 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 provided by bitcoin along with the security and power to deliver an innovative layer 2 solution. The Sango ecosystem is a digital currency system that encompasses all the best parts of crypto. With this, Sango plans to make a digital change in the Central African Republic.

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

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

The Sango Room

The 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.

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

Holding Sango tokens also grants voting rights in the Sango governance system. In this way, holders will be able to have a say in what is now known as the greatest digital democratic configuration. Additionally, Sango tokens are not controlled by the Central African government. Holders retain 100% ownership of their tokens, unlike a CBDC, which remains under full control of the country’s central banking authority.

Do more with Sango

The acquisition of citizenship by investment is a program present in all countries of the world. However, no country currently offers citizenship by holding a particular cryptocurrency, and this is another way Sango stands out from the crowd.

The Central African government has announced that people will be able to buy real estate in Bangui, known as Crypto City. 250 square meter plots of land are on sale for as low as $10,000 locked for 10 years, and they come with ownership of this land’s metaverse counterparts.

With $60,000 in SANGO Coins locked for five years, anyone can apply for citizenship in the Central African Republic. It’s a simple, paperless process powered entirely by the Sango ecosystem. This means that you can get a CAR passport to travel the world just by buying cryptocurrency.

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

Sango sweetens the pot further with 0% income tax on all investments. Owners can quickly redeem all of their locked SANGO coins once the lock period has passed.

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, business creation, commercial 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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