CAR Launches ‘Sango Coin’ Cryptocurrency Amid Industry Rout

On July 25, the Sango Platform will be introduced in the Central African Republic (CAR). The CAR government is going to launch their national cryptocurrency initiative called Sango, with Sango Coin (SANGO) serving as the ecosystem’s primary exchange unit. The total supply of SANGO coins is 21 billion. CAR became the first nation in Africa to accept bitcoin (BTC) as legal cash in April. According to the administration, it intends to tokenize its substantial mineral deposits using the SANGO digital currency. The Sango Platform will be the focal point for community support, distribution, and crowdfunding initiatives. Users can now register, get their KYC confirmed to become eligible, and prepare for the formal launch on July 25. Sango Chain According to the white paper for Sango Genesis, Sango will operate as a private sidechain for bitcoin, much like Blockstream’s Liquid Network. The document states that Sango will function best as a digital currency if it is implemented as a sidechain for bitcoin instead of settling transactions directly on the bitcoin network. As the reports state, a two-way peg mechanism will enable built-in Bitcoin compatibility in the Sango Layer 2. The bitcoin treasury of CAR would be in the care of a group of validators known as the Institutional Quorum in this setup. Users that deposit bitcoin (BTC) into the Sango sidechain will create wrapped bitcoin known as Sango bitcoin (s-BTC). Users can exchange th...