Sango, the new game-changing cryptocurrency?
After adopting bitcoin (BTC) as legal tender, the Central African Republic decided to create a Sango and cryptocurrency sidechain. The goal of the Sango project is to eliminate the limitations of the Bitcoin (BTC) blockchain, while meeting the needs of the Central African government.
Sango is separate from CBDC
According to tweet of the project team, on August 14, the new cryptocurrency Sango “ it is already changing what it means to be a government-backed cryptocurrency“. “The first cryptocurrency of its kind brings the full power of the Bitcoin blockchain to create a digital economy.“. You should know that the Sango sidechain offers various advantages of the Bitcoin (BTC) network. At the same time, it is designed to fill the gaps in this blockchain. Sango meets these criteria while offering more than what state-backed cryptocurrencies usually offer.
For this purpose, Sango cryptocurrency is intended more scalable relying onsmart contracts. It also offers greater privacy and programmability. It contributes to increasing the transaction speed of the Bitcoin network by managing part of its load. Additionally, the Sango sidechain was created in such a way that they don’t suffer from overload problems as its main blockchain. This cryptocurrency therefore facilitates transactions that also become cheaper on the Bitcoin network.
The operation of the cryptocurrency Sango is controlled by the institutional quorum of the Central African Republic. This quorum consists of the president, ministers and members of the National Assembly who have been democratically elected to assume this role. Despite this control, the purchase of this cryptocurrency is decentralized, which is not the case with CBDCs issued by central banks.
The Central African Republic wanted to create a safer monetary system with the Sanga that was more suitable for citizenship. She is aware of the fact that the reach of digital means transcends borders. Thanks to them, international exchanges are easier and faster.
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