SANGO Coin: The First Government-Backed Cryptocurrency That Is Not A CBDC

SANGO Coin: The First Government-Backed Cryptocurrency That Is Not A CBDC


Government-backed digital assets, CBDCs, have been put forward by different countries to implement crypto payments in the country as opposed to using decentralized currencies such as Bitcoin. It is in response to the rapid adoption rate of cryptocurrencies around the world due to their rising value and high returns. The cryptocurrencies did not give governments any control over them, hence the reason behind the Central Bank Digital Currencies (CBDCs).

However, instead of following the trend of other governments and making a CBDC, the Central African Republic has chosen to go the decentralized way by building on the Bitcoin network. The bitcoin-backed cryptocurrency is the first one to be backed by a government.

Not A CBDC

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The SANGO Coin is the new brainchild of the Central

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