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Central African Republic Launches ‘Project Sango’ Crypto Hub

Daily Market Wrap

  • Crypto market cap: 1.26 trillion, down 2.04%

  • BTC price stands at USD 29,785, down 0.90%

  • ETH price stands at USD 1,944, down 3.16%

  • Top gainer: The Sandbox (SAND), up 13.73%

  • Top loser: TerraUSD (UST), down 69.56%


News of the Day


Central African Republic Launches ‘Project Sango’ Crypto Hub


Why it matters:

  • A month after adopting bitcoin as a legally recognized currency, the Central African Republic (CAR) announced the launch of the Sango project as the legal cryptocurrency investment platform on the government’s official Facebook page

  • According to the official Sango website, the Sango platform was initiated by the National Assembly and is supported by the CAR government and the president

  • The president said that the Sango project makes crypto accessible to all, creating “the first legal crypto hub recognized by a country’s parliament”


Crypto daily spotlight


Do Kwon’s proposal of LUNA 2.0 and to relaunch the Terra blockchain has been passed.


Brief introduction: Terra is a decentralized stablecoin blockchain that uses fiat-pegged stablecoins to power price-stable global payments systems. Terra’s native token LUNA is used to stabilize the price of the protocol’s stablecoins. Starting on May 9, Terra (Luna) collapsed, losing more than 99 percent of its value due to its link to terraUSD (UST), a stablecoin that was pegged to the US dollar.


Why it matters:

  • In total, 65.5% voted for Kwon’s proposal, 13.2% voted “no with veto.” against the fork, and 20.98% of voters decided to abstain

  • Terraform Labs have confirmed that the new Luna 2.0 blockchain release on May 27 will not share any history with Luna Classic

  • In response to Terra 2.0, Terraform Labs emphasises in a tweet that the Terra Ecosystem Revival Plan 2 is not a “fork”


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