PRESS RELEASE. Sango, the Central African Republic’s crypto-initiative, has set off a wave of excitement in the crypto space, fuelling curiosity and anticipation. Sango, backed by a comprehensive Legal Framework will allow the creation of both digital and physical infrastructures that would support its development. SANGO will be partially backed by Bitcoin, meaning that will build up on an already existing strong foundation.

What does “backed by Bitcoin” really means?

Let me clarify: SANGO, the Sango sidechain coin, will be fractionally backed with Bitcoin. This means that the Central African Republic Treasury (CAR) will include a Bitcoin reserve fund.

Historically, a country’s currency was backed by gold reserves. This has been the case since the Bretton Woods Agreement. Bitcoin, also known as digital silver, is the best store for value in the blockchain space. Bitcoin is highly valued and will become the currency’s store of intrinsic value. Also Sango will be pegged to Bitcoin, meaning that anyone will be able to operate with wrapped Bitcoin (s-BTC) in the Sango ecosystem.

As you might know, the 70s had brought the depegging of the US Dollar from gold, causing an infinite supply of money to be potentially printed if needed. However, inflation was a problem that plagued traditional Fiat currencies. Bitcoin, on the other hand, is a decentralized currency that is not tied to any central authority. Bitcoin, on the other hand, is the best solution to create a digital store value that allows citizens to democratically manage money and currencies.

Backed by Bitcoin, it will continue to build on the solid technical foundation and most secure and decentralized cryptocurrency networks in the world.

With its reputation and secure blockchain, the Central African Republic has a solid foundation to improve the lives of its citizens and ensure fair and transparent wealth distribution. Sango, despite how few people see it, will allow citizens to access a modern, digital monetary system with unbanked citizens having access to the global financial network.

Backed by the Central African Republic Government

President Faustin Archange Touadera stated that the Sango Coin would be the currency of the next generation at the Sango Genesis event. The initiative’s ‘backed with Bitcoin’ element creates a sense of security and confidence that gives it an instant credibility. Building on Bitcoin’s foundation offers many benefits. This is mainly due to its decentralized nature, limited supply, and other advantages. These benefits include partial decentralization, no risk of de-pegs and differentiation between stablecoins/CBDCs. This will ensure that the current monetary problems are overcome.

It has been suggested that Bitcoin will be the digital store-of-value behind SANGO and the largest benefit to the people. The new digital monetary system will give citizens democratic control. Citizens will only need a smartphone to send and receive money instantly, effectively eliminating the need for traditional banks. SANGO already has a larger vision, according to the President: “a common cryptocurrency” and an integrated capital marketplace that could stimulate commerce.

In spite of its many detractors and doubters, SANGO has already attracted the attention of many important crypto figures, including CZ (Changpeng Zhao) and Michael Saylor, but also praise from other African countries exploring the possibilities of adopting a similar system.

It’s clear that Sango is already causing a huge disruption and leading to the adoption of Bitcoin. This is a significant step forward for cryptocurrency, as they now lead the way to a monetary revolution that allows people full control of their money.

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