In an official statement released earlier today, the Central African Republic (CAR) stated that it would postpone listing Sango coin on crypto exchanges due to market conditions and bankruptcy reports from most exchanges.
In July, the CAR announced that it would launch the Sango coin to raise $1 billion to execute various government projects in 2023. However, according to the project’s website, only $1.66 million worth of this cryptocurrency has been successfully sold.
An Unconstitutional Move
In April, the African country legalized the use of BTC for payment, making it the first African nation to make this move. In addition, the country had previously proposed permitting foreign investors to purchase Sango Coins worth $60,000 to become citizens.
But, a high court in the country termed this proposal unconstitutional and blocked it. Mamadou Moustapha Ly, the nation’s Technician who supervised the development process of Sango Coin, had an interview session during his appearance at a recent blockchain conference in Senegal.
Also read:Besides being an African payment expert, Mamadou manages the Fintech firm Kete Cash. During the interview, Ly gave more details on the development of the Sango Coin, which he referred to as a token.
In his view, the token enhances the country’s proposed plans to adopt BTC as a legal tender. Faustin-Archange Touadéra, the President of the Central African Republic, shared similar sentiments as Mamadou.
The President shared a similar opinion towards developing the Sango token, suggesting blockchain technology would allow the country to achieve long-term benefits.
Benefits Of Sango Coin To Foreign Investors
The benefits of holding the Sango coin are immense as it offers enticing incentives to foreign investors in the country. Such incentives include citizenship, recognition by investment, a Central African Republic passport, and a host of other perks.
These benefits are similar to the volcano or BTC bonds of El Salvador due to the fast-tracked achievements of foreign investors. While there are numerous challenges facing CAR and the Sango Coin, the country’s decision to adopt BTC as a legal tender is an important step to aid the broader adoption of the prominent cryptocurrency.
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