The sale of Central African Republic's first digital coin got off to a slow start, with just over 5% of the target bought in the hours after its launch.
Central African Republic’s first digital coin got off to a slow start, with just over 5% of the target bought in the hours after its launch, amid questions about the project’s transparency and a wider downturn in the industry.
The government has said its digital coin project will leapfrog the war-torn, mineral-rich country into a better future. It is aiming to raise almost US$1-billion over the next year from the sale of its Sango Coin, according to its investment website, even as prices of such assets have tumbled this year.Of the initial $21-million on offer, about $1.1-million had been sold by 1.15pm CAT on Tuesday, after it went on sale at 7pm on Monday.
Details that remain unclear include what exchanges it will be listed on once the sales have finished and what proceeds will be used for. CAR’s official currency remains the Central African CFA Franc.
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