In July 2022, the Sango Genesis crypto project was launched. Central African Republic aims to build the ultimate crypto hub. Due to vague regulations, the Sango project struggled to take off.
Faustin Archange-Touadera, the ambitious President of the Central African Republic, announced the formation of a crypto-dedicated committee in the country. According to Touadera, the new committee will consist of 15 specialists and are expected to “draft a new, more comprehensive bill.”
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d’élaborer un nouveau projet de loi plus complet sur l’utilisation des crypto-monnaies et d’offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023
Buying Citizenship With Crypto Deemed Illegal
Despite the ground-breaking idea to develop an all-in-one app for the citizens of the Central African Republic and invite the brightest crypto minds to a tax-less innovation hub, the Sango project was slowed down by the CAR’s own government. Indeed, on 30th August 2022, the High Court of the Central African Republic vetoed the pro-crypto president’s initiative to sell e-residency and citizenships via Sango Coin, the native token of the African nation’s revolutionary project.
Indeed, the Sango crypto project aims to bring a $3 trillion market to crypto investors by tokenizing the whole country, including natural resources. Currently in Cycle 3, the Sango project now offers crypto investors:
E-residency with three years of Sango Coin staking. Land and property with five years of Sango Coin staking. Full citizenship with ten years of Sango Coin staking.
Investors must register on the Sango platform to lock the fixed collateral of their choice. According to the current Cycle 3 staking system, the amount of crypto or fiat spent on each purchase will be returned in Sango coins after the specified period.
Sango – The First Digital Monetary System Built on Bitcoin https://t.co/k535nnM1wJ via @BTCTN
— Sango coin (@coin_sango) August 4, 2022
On the Flipside
Sango’s online presence is very poorly maintained, as the official Sango Project Twitter handle has just 66 followers since its launch. The social engagement in relation to Sango coin seems to be extremely low, with barely any daily mentions. The Sango project’s funding rounds didn’t go as planned. The 4th Cycle was supposed to finalize by the end of 2022. Instead, it’s still in Cycle 3, with 80% of Sango Coins still in circulation. Besides, it’s still priced at the initial floor price of $0.19.
Why You Should Care
The Central African Republic is the second country to adopt Bitcoin (BTC) as a legal tender.
Learn more about crypto adoption around the world:
China’s Digital Yuan Adds Smart Contract Capabilities
El Salvador to Host Bitcoin Beach Party Featuring Top Bitcoin (BTC) Maxis
Adoption, Africa, Bitcoin, Blockchain, zz_index, zz_popular, zz_top, ZZZ Editors’ Picks, ZZZ Native, Central African Republic, Faustin-Archange Touadera, SangoRead More
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