Well...I guess if they have the infrastructure in place for their citizenry to actually use it, they could easily swap it for Bitcoin. I imagine there's otherwise no good onramp for them right now.
It's worse than Venezuela's Petro! At least with the Petro they claimed you could buy a barrel of oil with a fixed number of the tokens.
From the launch video (link in another reply), starting at 01:36:37 into the video:
"Today we see that crypto currency, a virtual currency, brings resources for the country and permits to tap onto resources we lack for the development of our country. You know, we have a large quantity of gold on our territory. There are diamonds all over the country. Iron, copper, coltan, lithium, cobalt, and other strategic minerals which are today known and identified. Bitcoin is digital gold, but our idea is to link digital gold to the resources and our great development project."
In other words: "We love bitcoin, buy our shitcoin."
Which Simply Bitcoin show was the first to come to that exact conclusion:
As long as there are no restrictions on using bitcoin in commerce (i.e., remain free to buy bitcoin, sell bitcoin, pay in bitcoin, and be paid in bitcoin) then all is not lost.
What could very well happen though is this Sango Coin gets its issuance inflated ... and the "bitcoin backing" shrinks in relation, then then the population and the media blame bitcoin for the loss of investment in Sango Coin.
And by making "Sango Coin" the "national currency" (which is from the article in the Block, and perhaps not from the video -- so maybe that isn't actually what was said), if this is used in commerce by residents, then they are the bagholders when it loses value due to inflation of the currency stock.
If they can simply remove the ID requirement to buy a SIM card that would have significant impacts. But think they'll just sell this to shitcoiners and the citizenry will never have any chance to interact at all.
tbh this does not surprise me in the slightest. Their announcement was sketchy AF from day one and didn't provide clarity on the topic of Bitcoin vs crypto.
They had one single job, stick to bitcoin only, and they failed it. Yet another shitcoin
Here's the video of the launch:
SANGO Coin Genesis Event - a project supported by the Central African Republic
https://www.youtube.com/watch?v=MMFCAvv50UU
Well...I guess if they have the infrastructure in place for their citizenry to actually use it, they could easily swap it for Bitcoin. I imagine there's otherwise no good onramp for them right now.
I held onto this from another post. These are the changes they need to make: https://bdatacenter.fr/wp-content/uploads/Report-from-the-Bitcoin-Delegation-in-the-Central-African-Republic.pdf
It's worse than Venezuela's Petro! At least with the Petro they claimed you could buy a barrel of oil with a fixed number of the tokens.
From the launch video (link in another reply), starting at 01:36:37 into the video:
"Today we see that crypto currency, a virtual currency, brings resources for the country and permits to tap onto resources we lack for the development of our country. You know, we have a large quantity of gold on our territory. There are diamonds all over the country. Iron, copper, coltan, lithium, cobalt, and other strategic minerals which are today known and identified. Bitcoin is digital gold, but our idea is to link digital gold to the resources and our great development project."
In other words:
"We love bitcoin, buy our shitcoin."
Which Simply Bitcoin show was the first to come to that exact conclusion:
https://twitter.com/SimplyBitcoinTV/status/1543674846315712512
https://nitter.net/SimplyBitcoinTV/status/1543674846315712512 <-- May be easier to read
So this is just them trying to get shitcoiners to buy their shitcoin and they have no plans to help their people...yeah sounds like government.
As long as there are no restrictions on using bitcoin in commerce (i.e., remain free to buy bitcoin, sell bitcoin, pay in bitcoin, and be paid in bitcoin) then all is not lost.
What could very well happen though is this Sango Coin gets its issuance inflated ... and the "bitcoin backing" shrinks in relation, then then the population and the media blame bitcoin for the loss of investment in Sango Coin.
And by making "Sango Coin" the "national currency" (which is from the article in the Block, and perhaps not from the video -- so maybe that isn't actually what was said), if this is used in commerce by residents, then they are the bagholders when it loses value due to inflation of the currency stock.
But this will be interesting to watch, for sure.
If they can simply remove the ID requirement to buy a SIM card that would have significant impacts. But think they'll just sell this to shitcoiners and the citizenry will never have any chance to interact at all.
Actually, looks like intifadahodl beat Simply Bitcoin to the punch:
https://twitter.com/intifadahodl/status/1543637871692845057
https://nitter.net/intifadahodl/status/1543637871692845057 <-- May be easier to read
tbh this does not surprise me in the slightest. Their announcement was sketchy AF from day one and didn't provide clarity on the topic of Bitcoin vs crypto.
All civilizations cannot resist the power of printing their own money
Lol can't say I am surprised, the first shitcoin offer they fell for, there is no helping people who only want to be closer to the fiat money printer
sad
Not that surprised, something felt off from the beginning.
The biggest losers in this story are all the Bitcoin media outlets that fell for this story.
Why it always ends like this.
Backed by bitcoin probably just means they will have Bitcoin on their balance sheet and their currency wouldn't exceed the bitcoin market cap.
Pegged to bitcoin would make it easy to exploit.