Central African Republic will not be listing its national cryptocurrency token on exchanges in 2022 due to current market conditions and marketing reasons, officials have said.
The country now expects to list the token, dubbed Sango Coin, within the first quarter of 2023, according to the project team on Telegram. CAR is also delaying a ‘release’ that would allow coin holders to sell up to 5% of their coins, which are currently ‘locked’ for a year and unable to be sold.
Launched in July 2022, Sango Coin aims to raise nearly $1 billion in 2023. So far, however, only $1.66 million worth of the coins has been sold to investors, according to the Sango website.
The coin, depending on the amount one holds, will enable an investor get several privileges including:
- Citizenship in the Central African Republic (CAR) can be obtained by locking a fixed collateral of SANGO Coins in the amount of $60,000 for a period of 5 years. After the period ends, the SANGO Coins are returned to the owner
- The e-residency in the Central African Republic can be obtained by locking a fixed collateral of SANGO Coins in the amount of $6,000 for a period of 3 years. After the period ends, the SANGO Coins are returned to the owner
- Land plots in the country can be obtained by locking a fixed collateral of SANGO Coins in the amount of $10,000 for a period of 10 years
In August 2022, the Constitutional Court of the Central Africa Republic said that Project Sango is unconstitutional, casting doubt on several of the incentives, even though the project team remained confident.
Asked about the initiative to allow foreign investors to buy citizenship for $60,000 worth of the coins, an unidentified moderator on the channel said ‘more updates about this will be made next month.’
CAR became only the second country in the world to allow bitcoin as legal tender in April 2022.
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