Central African Republic postpones Sango project using cryptocurrency

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.

Delay

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.

Tokenisation

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.

Author

  • Ivan came across the topic of cryptocurrencies in early 2016 and, as an author and enthusiast, has been intensively involved with the topics of cryptocurrencies, blockchain and STOs ever since.

error: Alert: Content is protected !!