Bitcoin in the Central African Republic: the Supreme Court blocks the SANGO plan

Bitcoin in the Central African Republic: the Supreme Court blocks the SANGO plan

N Melo
by N Melo
September 3, 2022 0

Bitcoin in the Central African Republic: the Supreme Court blocks the SANGO plan

A plan by the Central African Republic government to allow foreigners to acquire citizenship and land using a new cryptocurrency has been ruled “unconstitutional” by the country’s highest court.

Last month, the government launched Sango Coin amid a sharp drop in Bitcoin prices and doubts about the project’s viability in a country with poor internet connectivity and destabilized by conflict.

Sales of the initial $21 million on offer were slow, with just over 5% of the target bought within hours of its July 21 launch.

According to the Sango website, foreign investors could obtain citizenship for $60,000 (approximately 39,400,700 CFA francs) worth of crypto – with the equivalent of Sango coins held as collateral for five years – and “electronic residency”. ” for 6,000 dollars (about 3,900,000 CFA francs), detained for three years.

Investors could also buy a 250 m² piece of land for $10,000 (6,568,789 F CFA), with the Sango Coins being locked up for a decade.

The Constitutional Court ruled that nationality has no market value and residency requires physical stay in the country.

A government spokesperson had no response on Monday and the decision’s impact on an ambitious crypto project is unclear, Reuters news agency reports.

N Melo
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