Central African Republic’s Digital Coin Finds Few Buyers.

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 The sale of Central African Republic’s first digital coin got off to a slow start; with just over 5% of the target bought in the hours after its launch. Amid questions about the project’s transparency and a wider downturn in the industry.

Central African Republic (CAR), one of the world’s poorest countries; became the first African state to make bitcoin legal tender in April; baffling many cryptocurrency experts and prompting the International Monetary Fund to warn it was not a “panacea” for Africa’s challenges. 

The government has said its digital coin project will leapfrog the wartorn, mineral-rich country into a better future. It is aiming to raise almost $1 billion over the next year from the sale of its Sango Coin, according to its investment website, even as prices of such assets have tumbled this year.

Of the initial $21 million on offer, about $1.09 million had been sold, after it went on sale.

Reuters.

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