Central African Republic launches ‘Sango Coin’ cryptocurrency amid industry rout

Central African Republic will start selling a cryptocurrency it says will be worth $21 million next week, it said on Friday, amid a wider rout in the industry and scepticism over the project’s feasibility in a poorly connected, war-torn country.

The “Sango Coin”, described as a “national digital currency” will go on sale on July 21 with a minimum investment of $500 to be paid in cryptocurrencies, including bitcoin and ethereum, according to the country’s Sango investment website.

Central African Republic, where access to the internet and electricity is low, became the first African state to make bitcoin legal tender in April, raising eyebrows among many crypto experts and drawing words of caution from the International Monetary Fund.