Last Updated: 21 December 2022
According to an official report, the Central African Republic (CAR) is going to delay its crypto project for a while.
Full of bravado, the president shared in July that as a country they were going to commit to using bitcoin. It turned out to be a farce: soon altcoins, blockchain and ‘crypto’ made their appearance.
As icing on the cake, the country shared plans on the Sango cryptocurrency. Now the project is being delayed until at least next year.
The Central African Republic is the second country, after El Salvador, to recognise bitcoin as legal legal tender. In practice, however, things look different: bitcoin did not gain a foothold and it turned out to be mostly a nice story.
The top judges also rejected a plan where investors could buy citizenship by putting $60,000 in to Sango.
Central African Republic Delays National Cryptocurrency Launch
Central African Republic delays listing Sango Coin, the national digital currency, regardless o… https://t.co/XVAxEyxWRw #Beincrypto.com #Bitcoin #Crypto #Cryptocurrency #Token #cryptonews pic.twitter.com/RkCZjEJbZT
— Lola Coin (@LolaCoinOrg) December 20, 2022
President Faustin-Archange Touadéra declared the Sango Coin the country’s official cryptocurrency. The nation plans to use it in plans regarding tokenisation of minerals and natural resources.
In the communication, CAR blames the current economic conditions and also the public holidays. Sango’s listing has been delayed until Q1 of 2023. The promise that investors will get a 5% return on their investments still stands.
Questions have been raised in Telegram channels about the course of action, and whether there are any legal hurdles or problems with the central bank. There has been no response to this.