Central African Republic's digital coin finds few buyerswww.reuters.com/world/africa/central-african-republics-digital-coin-finds-few-buyers-2022-07-26/
132 sats \ 11 comments \ @KenyaCoin 27 Jul 2022 bitcoin
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60 sats \ 0 replies \ @sb 27 Jul 2022
I never thought I'd live to see the day when governments started shitcoining. This is hilarious 🤣
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21 sats \ 0 replies \ @IgnaciobTato 27 Jul 2022
Miami Coin and NY Coin were failures, CAR must adopt bitcoin and only bitcoin.
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21 sats \ 0 replies \ @derekross 27 Jul 2022
It's a bit sad, to be honest.
I get that they're trying to digitize their infrastructure, but they don't need NFTs and a sidechain to do this. They just need a database.
This will fail, miserably.
Hopefully no citizens get involved with this and they stick to bitcoin and bitcoin only, since it still is legal tender.
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21 sats \ 2 replies \ @nerd2ninja 27 Jul 2022
Title "Coin finds new buyers" Article: "No one is buying this shit"
Lmao and neither should you. This is obviously a scam this government is trying out to fund themselves with.
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115 sats \ 1 reply \ @KenyaCoin OP 27 Jul 2022
It actually reads few buyers, but yup -- somehow the president of CAR got suckered by the "crypto"/"defi" advisors (Mara) on this one.
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20 sats \ 0 replies \ @nerd2ninja 27 Jul 2022
Ah shit, that's what I get for reading too fast.
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0 sats \ 2 replies \ @KenyaCoin OP 27 Jul 2022
Her'es another article on the topic:
But according to Touadéra, Sango Coin will allow the country to exploit its untapped natural resources by facilitating investment through decentralised platforms and avoid the restrictions of the international financial system.
https://african.business/2022/07/technology-information/central-african-republics-crypto-island-scheme-provokes-scepticism
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10 sats \ 1 reply \ @KenyaCoin OP 27 Jul 2022
And an article on it, in The Block:
People looking to buy the token need at least $100 in the accepted cryptocurrencies [...] The project already stipulated a $500 minimum for participation in this round but was forced to lower the entry requirement amid complaints from prospective buyers.
Sango Coins bought during this public sale phase have a one-year vesting requirement. As such, buyers cannot withdraw or transfer their tokens until the lock-up period is over.
https://www.theblock.co/post/159716/central-african-republic-begins-public-sale-of-sango-coin
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20 sats \ 0 replies \ @SimpleStacker 27 Jul 2022
Wow, seems like an absolutely horrible idea
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0 sats \ 1 reply \ @KenyaCoin OP 27 Jul 2022
It is aiming to raise almost $1 billion over the next year from the sale of its Sango Coin.
Of the initial $21 million on offer, about $1.09 million had been sold by 1115 GMT on Tuesday, after it went on sale at 1700 GMT on Monday.
"A crypto project not selling out its initial mint is a poor sign," said Joseph Edwards, head of financial strategy at Solrise, a crypto investment firm.
Details that remain unclear include what exchanges it will be listed on once the sales have finished and what proceeds will be used for.
"Sango is backed by the potential of its natural (resources)," said Michel Muna, a 35-year-old Cameroonian who imports food and drink, referring to the CAR's pledge to "tokenize" its mineral wealth.
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0 sats \ 0 replies \ @KenyaCoin OP 27 Jul 2022
Oooof!!
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