It is aiming to raise almost $1 billion over the next year from the sale of its Sango Coin.

Of the initial $21 million on offer, about $1.09 million had been sold by 1115 GMT on Tuesday, after it went on sale at 1700 GMT on Monday.

"A crypto project not selling out its initial mint is a poor sign," said Joseph Edwards, head of financial strategy at Solrise, a crypto investment firm.

Details that remain unclear include what exchanges it will be listed on once the sales have finished and what proceeds will be used for.

"Sango is backed by the potential of its natural (resources)," said Michel Muna, a 35-year-old Cameroonian who imports food and drink, referring to the CAR's pledge to "tokenize" its mineral wealth.