Global Adoption Of Cryptocurrency – The First Cryptocurrency Backed By A Nation
August 09 2022 - 4:38AM
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Cryptocurrency adoption across the globe has been moving slower
than most would like, but there is no doubt that there has been a
lot being done so far. It started with El Salvador’s adoption of
bitcoin as a legal tender, and it has spiraled from there. One
thing that is yet to be done is a cryptocurrency backed by a
nation. While other countries have gone the path of the Central
Bank Digital Currency (CBDC), the Central African Republic has
introduced an innovative monetary system to the world. Sango Enters
The Picture Sango is a Layer 2 solution that is built on top of the
bitcoin blockchain. When they say Sango is bitcoin-backed, it
doesn’t mean just backed by BTC coins, but that the entire system
is built atop the largest decentralized network in the world. The
Sango sidechain is also backed by the Central African Republic,
making it the first and only cryptocurrency ecosystem to be backed
by a nation. The CAR, like other nations, has moved further in its
drive to adopt digital assets as citizens of the world move in that
direction. Sango will power a new digital monetary system that is
being developed by the country by taking all of the good bits of
the bitcoin network and improving on areas where the network falls
short. This sort of infrastructure is only possible through using
blockchain technology. By being a sidechain, Sango can bypass the
network congestion that bogs down the bitcoin network by
distributing the load across a second layer. This helps Sango to
improve scalability, offer more privacy, and enhance
programmability using smart contracts. It will enable users to make
faster payments, as well as cross-border remittances. SANGO Coin Is
Tomorrow’s Currency Faustin-Archange Touadéra, the President of the
Central African Republic, has put forward that SANGO Coin will be
the “currency of the next generation.” It is no surprise that the
president has made such a bold statement, given the capabilities
and applications of the SANGO Coin. SANGO Coin transcends just
being used as a means of payment. Yes, it can be used to carry out
fast and efficient transactions, but the SANGO Coin utilities far
exceed anyone’s expectations. Being backed by bitcoin, it already
has a strong foundation coming into the cryptocurrency market.
Investing in SANGO Coin also opens the doors to the Central African
Republic’s natural resources, which are currently valued at more
than $3 trillion. Individuals can also apply for citizenship
through investment by buying SANGO Coins, as well as applying for
e-residency for individuals and corporations who wish to exist as
digital entities in the country. Changing The Game Throughout
history, there have been times when something new has overthrown
the existing system. This can come in the form of new ways to
invest or a new currency that overtakes the existing one. Sango
actually provides both. Bitcoin is already a known and accepted
store of value, so the SANGO Coin benefits from this establishment
too. Since Sango will be pegged to bitcoin, users will also be able
to transact with wrapped bitcoin (s-BTC) in the Sango ecosystem.
The infrastructure that makes up the Sango ecosystem has been
designed to serve the needs of governmental structures in a way
bitcoin was not built to do. This is why building on the bitcoin
blockchain but creating a new cryptocurrency was the best path for
CAR. The utility of the SANGO Coin has already earned it accolades
from prominent bitcoin evangelists such as MicroStrategy CEO
Michael Saylor and Binance CEO Changing Zhao. Other African
countries are now also looking to CAR’s system in hopes of
implementing a similar one. SANGO Coins are currently available for
sale on the website at a discounted $0.10 per coin.
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