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Central African Republic to start selling Sango Coin cryptocurrency

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The ‘Sango Coin’, described as a national digital currency will go on sale on July 21 with a minimum investment of $500 to be paid in cryptocurrencies, including bitcoin and ethereum

London — Central African Republic will start selling a cryptocurrency it says will be worth $21m next week, it said on Friday, amid a wider rout in the industry and scepticism over the project’s feasibility in a poorly connected, war-torn country.

The nascent cryptocurrency market is highly volatile, with bitcoin down some 55% so far this year. Prices surged in 2020 and 2021, but have fallen sharply in recent months as investors ditch risky assets. In Central America, a big bet on bitcoin by El Salvador has soured in recent months as the cryptocurrency suffered a sharp drop, with its holdings falling by more than half in value to $49.4m .

 

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