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159 sats \ 4 replies \ @KenyaCoin 4 Jul 2022 \ parent \ on: Central African Republic launches national cryptocurrency called 'Sango Coin' bitcoin
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.
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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.
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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.
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Actually, looks like intifadahodl beat Simply Bitcoin to the punch:
I like #bitcoin buy my Shitcoin!
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